February 20, 2020 / 7:33 AM / 4 months ago

Audio book streamer Storytel sees strong growth ahead as Q4 losses grow

STOCKHOLM, Feb 20 (Reuters) - Swedish audio book streaming group Storytel on Thursday forecast continued strong growth in streaming revenues and paying subscribers in the first quarter as it reported bigger fourth-quarter losses than in the previous year.

The company, which competes with the likes of Amazon’s Audible, forecast streaming revenues of 438 million crowns ($44.65 million) in the first quarter, up 48% year-on-year, with 1.15 million average paying subscribers seen, corresponding to growth of 38%.

Storytel, which operates in 20 countries and is currently loss-making due to heavy spending on an international expansion drive, made a quarterly loss before tax of 104 million crowns, compared with a 79 million loss in the year-earlier quarter. ($1 = 9.8093 Swedish crowns) (Reporting by Johannes Hellstrom; editing by Simon Johnson)

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