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.
This information was brought to you by Cision http://news.cision.com
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