Storytel’s Journey From Rapid Expansion to Maturity with NetSuite

About Storytel

Founded
2005

Business
Audiobook and e-book streaming services

Service solutions
NetSuite ERP

Webpage
https://www.storytel.com/

At the Nordic NetSuite Summit (Oct 2024), Maria Kilegran, Financial System and Process Owner at Storytel, shared insights on the company’s journey from rapid global expansion to a more mature, sustainable growth phase. Storytel is a Swedish company specialising in audiobook and e-book streaming services. It operates in over 25 markets, offering content in numerous languages. Storytel's revenue has seen notable growth in recent years. In 2023, its streaming revenue increased by approximately 12.3% compared to 2022, reaching over 3.24 billion SEK. This growth was driven by strong performance in both the Nordic and non-Nordic markets, with a focus on profitable regions. Subscriber numbers also grew significantly, surpassing 2.2 million globally.

At the Summit Kilegran spoke about the challenges of scaling in multiple markets, adapting processes for flexibility, and how NetSuite has been instrumental in enabling Storytel’s evolving needs. Here, we dive into Storytel’s transformation from a “grow fast” mindset to a balanced approach that emphasises both expansion and operational stability.

The Early Expansion Phase: Growth at All Costs

Storytel began with an aggressive expansion strategy, focused on entering as many markets as possible. Flexibility was paramount but often came at the cost of operational efficiency. “Expansion is about grabbing everything you can as quickly as possible,” Kilegran explained. In this phase, the priority was market entry, not optimisation. Teams handled everything manually, responding to new market demands on the fly and often addressing issues only after they had become critical. This phase set the stage for Storytel’s collaboration with Staria, who would later help Storytel scale their operations in a more structured and sustainable way.

Shifting Focus to Scalability and Standardisation

As Storytel matured, the focus shifted to scalability—being able to increase operations smoothly without straining systems and processes. Kilegran discussed the need for Storytel to respond rapidly, such as exiting certain markets or doubling transactions, without causing disruptions. This led them to focus on solutions that could enable both stability and adaptability. “It’s about preparing for all directions of growth,” she said, emphasising the need for processes and systems that could support various potential