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 optimization. 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 standardization 

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, emphasizing the need for processes and systems that could support various potential business changes. Together Storytel and Staria developed solutions that could handle increasing operational demands while providing flexibility to enter or exit markets as needed.  

Standard processes with custom flexibility: NetSuite as a key enabler 

In their transition to maturity, Storytel faced a core dilemma: balancing standardized processes with the need for custom solutions. Kilegran shared how NetSuite has enabled Storytel to customize essential functions without compromising on scalability. She highlighted the modern need for personalized experiences even in software processes. Storytel has been able to develop a tailored system with Staria’s help that allows for seamless integration with other tools and adaptable workflows. Storytel, in collaboration with Staria, seamlessly integrated NetSuite’s project module into their audiobook production workflow, streamlining processes from procurement to asset creation. This automation streamlined a previously manual process. They also facilitated custom revenue recognition, integrating Storytel’s subscription transactions into NetSuite, allowing for accurate daily revenue tracking. 

By tailoring solutions to fit Storytel’s needs—such as revenue recognition and project automation for audiobook production—Staria has helped Storytel to customize their NetSuite and thus operate more efficiently without risking the core stability of their ERP system. 

Building a collaborative culture to support transformation 

Kilegran emphasized the importance of a supportive internal culture. At Storytel, the finance and IT departments work closely together, blurring traditional boundaries. “It’s about listening to the business, reading between the lines, and understanding where the company is headed,” she said. Storytel’s culture prioritizes curiosity, strategic thinking, and innovation—values that have been essential for maintaining flexibility and agility. 

Partnering with experts for long-term success 

Throughout Storytel’s journey, the role of a knowledgeable partner has been essential. Kilegran highlighted the importance of a transparent partnership with NetSuite experts who help them avoid over-customization pitfalls and ensure that custom solutions remain sustainable as the platform evolves. “A good partner knows when to say no,” she shared, underscoring the value of expert guidance to balance innovation with system stability.   

Storytel’s evolution from a fast-growing startup to a more mature, adaptable organization is a valuable lesson in balancing growth with sustainability and a testament to the power of a strong partnership. As Storytel continues to evolve, their journey reminds us that maturity in business is not about slowing down but about growing smarter and more strategically.