Storytel announced the acquisition of the audiobook branch of Suomalainen Kirjakauppa, a prominent bookstore chain in Finland, from Otava Group in a press release. The merger of Suomalainen Plus and Storytel’s subscriber bases has also been completed. Suomalainen Kirjakauppa, which is owned by the Otava Group, is Finland’s largest bookstore chain. It has 56 physical stores in addition to online sales and streaming operations. According to the company, customers will receive a notification informing them of the deal.
This agreement strengthens Storytel’s position as the Nordic market leader and in the vibrant Finnish market.
The deal makes sense for Storytel because it will give the company a strong foothold in Finland, which is a highly advanced market for audiobooks in terms of subscriptions per capita. Audiobooks generated significant revenue for the country’s publishers in 2022, making it the second largest source of income for them. Overall, audiobook revenue in Finland increased by 16 percent last year.
“On behalf of the entire Finnish Storytel team, I’d like to extend a heartfelt welcome to Suomalainen Plus customers, who I know share our passion for great authors and stories.” Tuuva Harjanne, Country Manager, Storytel Finland, says, “We are looking forward to bringing them our vast first-class content offering for enjoyment every day in the most convenient and accessible way.”
“This agreement is very good news for our customers because Storytel is one of the world’s leading audiobook and e-book streaming services and thus able to offer subscribers an even better user experience,” says Antti Karlqvist, Director at Otava Ltd.
