BookBeat grew by 28 percent in 2023 – surpassing SEK one billion in revenues and 900 000 users

Audiobook streaming service, BookBeat's revenue and the number of paying users grew by 28% in 2023. In total, revenues in 2023 amounted to SEK 1.122 billion (877 million SEK in 2022). Over 70% of revenues came from international markets outside of its domestic market, Sweden. The number of paying users increased by 200,000 users to 915,000 paying users at the end of 2023 (715,000 in 2022). During the fourth quarter, BookBeat also reported a positive EBITA result.

"Passing the one billion mark is an incredible milestone for BookBeat. It feels almost unreal that the service we started building eight years ago has become a natural part of over 900,000 people's everyday lives. While we increased revenue by 28% in 2023, we also achieved a positive result in the fourth quarter. I am proud that in 2023, the team showed that we can not only grow but also succeed in the balancing act of doing so profitably and sustainably,” says Niclas Sandin, CEO of BookBeat

A majority of all revenues are paid out to Publishers and Authors

The largest group of new users in 2023 were between the ages of 25 and 34 years old. Over a full-year period, a BookBeat user paid on average more than SEK 1,500 for the service (including VAT). The majority of that revenue was paid back to publishers and authors. Since BookBeat launched in 2016 and until the end of 2023, SEK 2.65 billion has been paid out to publishers.

"By making it easy to discover and listen to books, we contribute to the growth of the entire book market. As an example, we’ve been particularly successful in attracting people around 30 years old to buy books via BookBeat for an average of more than SEK 1,500 annually. As a result, we’ve generated SEK 2.65 billion in revenues to the publishers and authors that have created the great books our users can’t get enough of”, says Sandin.

Ambitious goals for 2024

BookBeat's goal for 2024 is to continue to grow by more than 20%, pass one million paying users, and deliver a positive EBITA result for the full year. The streaming service has had a strong start to 2024. In January, BookBeat reached its highest number of new users ever and increased the inflow of users in all markets when compared to 2023. This was also reflected in revenues, which grew by 25% in January compared to the year before.

"We have created a momentum that we will continue to build on. In established markets such as Sweden, Germany, or Finland, where, in the latter, over 300,000 of the 5.5 million inhabitants use BookBeat, we still see great potential in attracting new listeners who have not yet tried audiobooks. This is confirmed by the fact that we broke all previous historic records in new users. We also have high expectations for our growth markets, such as Denmark, The Netherlands, Norway, and Poland, and we’ll continue to invest in and experiment with our newest markets including France, Italy, the UK, and Spain”, says Sandin.