Tuesday, July 27, 2021

Storytel to invest in Swedish publishing

 “Storytel, one of the world’s largest streaming services for audiobooks and e-books, will acquire a 70 percent majority stake in the Swedish publishing house Bokförlaget Lind & Co (‘Lind & Co’). Kristoffer Lind will stay on as a 30 percent owner and CEO of Lind & Co, which will become an independent unit in Storytel Group following this transaction.

The publishing house Lind & Co was founded in 1999 by its CEO Kristoffer Lind. In recent years it has grown to become one of Sweden’s most successful publishing houses, covering popular genres including fiction, crime, thrillers, non-fiction and hobbies. Lind & Co has also established itself as a Swedish pioneer in digital publishing. Its most popular Swedish authors include Tove Alsterdal, the 2020 winner of the Swedish Crime Writers’ Academy’s ‘Best Swedish Crime Novel’ award, as well as Björn Hellberg, May Grethe Lerum, Mikael Ressem and Dag Öhrlund, whose novel Ingen lämnas kvar (No-one is Left Behind) was the third most listened to book in Storytel’s Swedish service in 2019.

In 2020, Lind & Co reported sales of SEK 111 million with an operating profit of SEK 22.6 million. Its digital releases in 2020 included more than 600 titles in audiobook format and accounted for more than 50 percent of the publishing house’s revenues.

“It feels great to welcome Lind & Co to Storytel Group, particularly as Kristoffer and the company’s talented publishers so clearly share Storytel’s passion for innovation and entrepreneurship, and for making authors and stories accessible to readers and listeners anytime and anywhere. We’re happy and excited that Lind & Co is joining Storytel in our long-term investment in content, authors and production – and in the technological innovation that is expanding the book market and creating engagement and valuable experiences among our audience”, says Jonas Tellander, CEO and founder of Storytel.”

Full article here: https://news.cision.com/storytel/r/storytel-acquires-a-majority-stake-in-the-swedish-publishing-house-lind---co,c3308888

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