May 12, 2020 / 6:25 AM / a month ago

Storytel sees strong Q2 subscriber growth after Q1 losses narrow

STOCKHOLM, May 12 (Reuters) - Swedish audio book streaming group Storytel on Tuesday said it expected strong growth in streaming revenues and paying subscribers to continue in the second quarter as it reported reduced losses in the first three months of the year.

Storytel, which competes with the likes of Amazon’s Audible , said it expected to reach 1.25 million paying subscribers on average in the second quarter, up from 1.15 million in the first quarter.

It forecast quarterly streaming revenues of 458 million crowns ($46 million), up from 429 million during the January-March period. (Reporting by Johannes Hellstrom, editing by Anna Ringstrom)

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