Storytel is one of the largest audiobook companies in the world. They currently have 2.05 million paying subscribers, entered the United States through its acquisition of Audiobooks.com in November and currently operates in 25 markets with a library of 700,000 titles. Storytel performed a restructuring in the first half of the year, with a management overhaul, a sharper focus on costs and 100 job cuts. The Swedish audiobook streaming service reported their 2nd quarter financial results and sales increased by 28% and they generated $77.16 million.

The company fuels expansion through the acquisition of new businesses. As detailed in its 2020 annual report, Storytel absorbed Arabic audiobook company Kitab Sawti and Israel’s audiobook producer iCast last year. Earlier this year, Storytel took over Nordic audiobook production company Earselect AB and acquired Swedish publishing house Lind & Co.

The post Storytel is becoming a force in the audiobook industry first appeared on Good e-Reader.