January 14, 2020 / 7:49 AM / 6 days ago

Sweden's Storytel sees streaming revenues of 1.9-2.0 bln SEK in 2020

STOCKHOLM, Jan 14 (Reuters) - Swedish e-book and audiobook service Storytel said it expected streaming revenues to rise sharply this year to 1.9-2.0 billion Swedish crowns ($201-212 million), with continued strong growth seen in the years ahead.

The company said it expected streaming revenues to grow by 32-35% in 2020 and forecast that subscriber growth of 36% would take the company past 1.5 million paying customers before the end of the year.

Storytel, which holds a capital markets day for investors, analysts and media on Tuesday, said it targeted an average yearly annual streaming revenue growth for the period 2020-2023 of around 35%.

Its stock has risen 41% over the past month.

Storytel is in the midst of an international expansion drive. The company said it aimed to launch the Storytel service in one to three new markets during 2020, and continue to expand in its 20 existing countries. ($1 = 9.4488 Swedish crowns) (Reporting by Johannes Hellstrom, editing by Louise Heavens)

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