Storytel has announced via a press release the acquisition of the audiobook branch of Suomalainen Kirjakauppa, a prominent bookstore chain in Finland, from Otava Group. The merger of the subscriber base of Suomalainen Plus and Storytel has also been finalized. Suomalainen Kirjakauppa, which is owned by the Otava Group happens to be the largest bookstore chain in Finland. It comprises of 56 physical stores while also providing for online sales and streaming operations. The company said there is going to be a notification served to the customers informing them of the deal.
“This agreement strengthens Storytel’s position in the vibrant Finnish market and as the Nordic market leader. We are also very pleased to deepen our relationship with the leading Finnish publishing and media owner Otava Ltd, who we had the pleasure of welcoming as a new shareholder in connection with our directed share issue in November,” says Johannes Larcher, CEO of Storytel.
The deal makes sense for Storytel as it will let it have a strong foothold in Finland, a country that serves as a highly advanced market for audiobooks in terms of subscriptions per capita. The country’s publishers generated substantial revenue from audiobooks in 2022, making it the second largest source of income for them. Overall, Finland witnessed a growth of 16 percent in its audiobook revenue last year.
“On behalf of the whole Finnish Storytel team, I would like to send a really warm welcome to the Suomalainen Plus customers who I know share our passion for great authorships and stories. We are looking forward to bringing them our vast first-class content offering for enjoyment every day in the most convenient and accessible way,” says Tuuva Harjanne, Country Manager, Storytel Finland.
“This agreement is very good news to our customers as Storytel is one of the leading audiobook and e-book streaming services in the world and thus able to offer the subscribers an even better user experience,” says Antti Karlqvist, Director at Otava Ltd.
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