ConsumerSE

Storytel Layoffs

March 2022

Storytel announced a layoff affecting 100 employees (10% of its workforce) in March 2022. The company operates in the Consumer sector.

People Affected

100

Percentage

10%

Announced Date

Mar 17, 2022

About

Swedish audiobook giant Storytel laid off 100 employees in March 2022, representing over 10% of its workforce, as part of a strategic shift. This move followed a year of losses attributed to aggressive and costly international expansion into 25 markets that underperformed. Founder and CEO Jonas Tellander had also recently stepped down. The company, which has around 2 million subscribers, is now refocusing on fewer, more mature markets like the US to improve profitability, while its strong Nordic operations continue to perform well.