Storytel's streaming revenue slightly above forecast for Q3 2022

Storytel's Q3 2022 streaming revenue came in at 742 MSEK, corresponding to a +27 percent year-on-year growth – +29 percent excluding Russia.

STOCKHOLM, Oct. 7, 2022 /PRNewswire/ -- Streaming revenue in the Nordics for the third quarter of 2022 came in at 493 MSEK, in line with forecast. The average number of paying subscribers for Q3 in the Nordic segment was 1,129,000 which represents an annual increase of 10 percent and corresponds to +105,000 subscribers compared to Q3 2021.

The streaming revenue for the Non-Nordics segment in Q3 2022 totaled 250 MSEK, which corresponds to an annual growth rate of 84 percent. Excluding Russia, which concluded its close-down on September 30, the annual growth rate equaled 102 percent. The number of paying subscribers in the Non-Nordic segment amounted to 935,000 in Q3 2022. This corresponds to an annual growth rate of +34 percent – +53 percent excluding Russia.

"I am happy to join the Storytel team, which yet another quarter has proven resilience and determination in the execution of the company's pivoted strategy to priority markets, profitable growth and a trajectory towards long-term sustainable success," says Johannes Larcher, CEO of Storytel.

Table 1: Key Performance Indicators for Streaming

TSEK

Q3 2021

Q4 2021

Q1 2022

Q2 2022

Q3 2022

Q3 2022

Streaming Total*,**





Actual

Forecast

Revenue

583,084

605,128

698,599

704,454

742,426

724,000-731,000

Revenue excl Russia

565,949

584,495

679,654

693,464

732,837


Gross Profit

233,287

220,003

283,868

278,554



Gross Margin

40.0 %

36.4 %

40.6 %

39.5 %



Avg. Paying Subscribers

1,724,000

1,784,600

2,051,000

2,031,000

2,064,000


ARPU (SEK/Month)

113

113

114

116

120









Streaming Nordics*







Revenue

447,199

459,018

458,555

469,390

492,765

489,000-491,000

Gross Profit

179,074

171,791

165,788

177,354



Gross Margin

40.0 %

37.4 %

36.2 %

37.8 %



Avg. Paying Subscribers

1,024,000

1,047,900

1,061,000

1,078,000

1,129,000


ARPU (SEK/Month)

146

146

144

145

145









Streaming Non-Nordics**







Revenue

135,885

146,110

240,044

235,064

249,662

235,000-240,000

Revenue excl Russia

118,750

125,477

221,099

224,074

240,073


Gross Profit

54,213

48,212

118,080

101,190



Gross Margin

39.9 %

33.0 %

49.2 %

43.0 %



Avg. Paying Subscribers

700,000

736,700

990,000

953,000

935,000


ARPU (SEK/Month)

65

66

81

82

89


*Storytel Norway is included in the figures @ 100%. In the consolidated accounts, Norway is reported in accordance with the equity method.

**Includes Russian operations which is phased out as of Q3 2022.

 

FNCA Sweden AB is the company's certified adviser.

This information is such that Storytel AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation (EU nr 596/2014). The information was provided, through the agency of the below contact persons, at the time stated in this press release, by Cision.

For more information, please contact:

Andreas Lindblom, Head of Investor Relations
Tel: +46 72 506 14 22
Email: andreas.lindblom@storytel.com

Dan Panas, Head of Communications & PR
Tel: +46 70 186 52 90
Email: dan.panas@storytel.com

About Storytel
Storytel is one of the world's largest audiobook and e-book streaming services and offers over a million 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. The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets. The headquarters is located in Stockholm, Sweden.

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