In the year 2005 two businessmen, one based in Sweden and the second in Switzerland, who had never dealt with book investment, had the brilliant idea of opening a company dealing with audiobooks and e books, called BOKilUr.
In the year 2007 the company’s name was changed to Storytel. Storytel entered in the stock market following its merger with Massolit Förlagsgrupp in 2015. The new business started to be successful, holding a market cap of more than USD 100 million.
The Storytel Group today focuses on two major businesses Streaming and Publishing Streaming, a subscription-based service, offers audiobooks and e-books under the Storytel brand, while the publishing houses Norstedts Förlagsgrupp (SE), People´s Press (DK), Rubinstein (Holland) and Storytel Publishing (Global) operate under the Publishing business.
Storytel’s provides a platform that allows authors to share their audiobooks with a wide range of audiences. Moreover, combination of streaming and publishing services also enable authors to publish audiobooks through partnerships with publishing companies such as Storyside in Sweden and Rubinstein Audio in Holland.
The group has entered in the fertile Middle East market which has a high smartphone penetration rate in the world, easy access to online payments, and successful online video and music subscription services. Storytel Arabia has introduced over 600 Arabic titles in audio for the first time, with over 5,000 listening hours, in a big step forward for the Arabic audiobook industry. A rich catalogue of Arabic and English audiobooks is now available, including bestselling books in both fiction and non-fiction categories, to book lovers in the United Arab Emirates and other parts of the Arab region.
The Company intends to reach 1000 titles before the end of 2018 and create local language audio books wherever possible, promoting and contributing to the Arabic language and literature.
Storytel Arabia is the first audiobook subscription service in the Middle East region that offers audiobooks in both Arabic and English audiobooks. The company is also a creator of original audiobook content, with direct access to authors and publishers therefore.
The Arabic audiobook industry is at its very early stages. There are very few professionally produced Arabic audiobooks titles, Storytel is getting lots of people in the region to enjoy the experience of audiobooks with the launch of its service in the Emirates. It is expected that this will allow the entire local audiobook industry to grow very fast.
foto by Storytel