Swedish audiobook streaming service and publisher Storytel reported results for the first quarter ended March 31, with streaming sales of SEK698.599 million ($74.8 million), up 35 percent from SEK517.075 million a year ago. The growth was fueled by the January acquisition of Audiobooks.com, which also likely led to a pre-tax loss for the quarter of SEK(233.3) million, compared to a loss of SEK(66.1) million in Q1 2021. Print publishing sales were SEK149.3 million, up 19 percent from SEK125.189 million. The company acknowledged a “restructuring of Storytel’s streaming organization” in March, which “was an emotional but undoubtedly necessary next step in […]
