Storytel to cancel its newspaper and magazine service Ztory
As of September 1, 2021, Storytel AB (“Storytel”) cancels its subscription service for newspapers and magazines, Ztory. Storytel thereby strengthens its strategic focus on the user experience and continued strong expansion and growth in its leading and well-positioned core businesses in publishing and the digital development, distribution and production of audiobooks and e-books.
Since 2019, Ztory has been operated as a separate app and an add-on service for Storytel customers in Sweden and Spain.
“Earlier this spring, we conducted a strategic review of how Storytel’s portfolio of brands and businesses should be optimally structured for the future and the strong expansion we will be undertaking for many years to come. Ztory’s cancellation will enable Storytel to more fully utilize its momentum and further sharpen our focus on powerful and scalable solutions that enhance the storytelling experience for our users around the world,” says Jonas Tellander, founder and CEO for Storytel.
“The strong public interest we see in our in-house produced documentary material for Storytel Original and podcasts, particularly in the True Crime category, makes us confident that current affairs will continue to be well-positioned in Storytel’s large and comprehensive content offering,” says Jonas Tellander.
In total, Storytel had 1,540,600 paying subscribers on average in Q1 2021, which corresponds to an annual increase of 385,800 compared to Q1 2020. During the same period, the company employed approximately 200 new employees. Attracting and actively recruiting the unique talent of today and tomorrow continues to be one of the cornerstones of Storytel’s expansion strategy. All employees affected by Ztory’s cancellation will be offered continued employment at Storytel.
Ztory’s operations will be cancelled as of September 1, 2021.
The change will not have any significant impact on Storytel Group’s financial position.
FNCA Sweden AB is the company’s certified adviser. FNCA can be reached at info@fnca.se or +46 8 528 00 399.
For further information, please contact:
Dan Panas, Head of Global Communications & PR, Storytel
Tel: +46 70 186 52 90
E-mail: dan.panas@storytel.com
About Storytel
Storytel is one of the world’s largest subscribed audiobook and e-book streaming services and offers listening and reading of more than 500 000 titles on a global scale. Our vision is to make the world a more empathetic and creative place with great stories to be shared and enjoyed by anyone, anywhere and anytime. Storytel’s streaming business is conducted under the brands Storytel and Mofibo. Storytel’s publishing business area is carried out through the audiobook publisher StorySide and acclaimed Nordic publishing houses such as Norstedts, People’s and Gummerus. Storytel operates in 25 markets around the globe and is headquartered in Stockholm, Sweden.