European audiobook and ebook subscription service Storytel has seen total subscribers leap by 42% to 1,257,000 from 897,500 at the same time in 2019.
The results are for the second quarter of 2020 and show that the company’s streaming revenue has also risen by a similar amount — 43% — in Q2 2019.
Storytel is based in Sweden but covers a wide range of European markets as well as India, Brazil, Mexico, Singapore, South Korea and the UAE.
Earnings for the second quarter ending June 30 showed net sales of (Swedish kroner) SEK554 million ($63.4 million), up from SEK402 million in Q2 2019.
The firm claims to be Northern Europe’s leading audiobook and ebook streaming service and offers unlimited listening and reading of more than 500,000 titles on a global scale.
Its major business is in the Nordic markets where it has around 833,300 paying subscribers but the non-Nordic subscriber total stands at a substantial 423,700.
Independent authors can place their books in Storytel through distributors such as PublishDrive which offers a 50% royalty for the channel.