'Spotify for magazines' firm Readly reveals 54% revenue growth
Digital magazine subscription service Readly has announces revenue growth of 54 percent to £17m in 2018 from £11m in the year previous.
Its growth strategy resulted in a planned loss of £9.5 million for 2018.
Founded in 2014 in Sweden, it has now launched in Switzerland and The Netherlands, and has expanded the content portfolio with 830 titles which now consist of over 4,000 magazine titles, including major UK titles FourFourTwo, Cosmopolitan, and Hello!.
The firm recently secured €15 million from UK and Swedish investment and revealed ‘Readly Exclusive’ content and a new ad and data insight tool for publishers.
“We’ve invested significantly in building our customer base and we continued to invest in our global expansion, seeing our revenue grow by 54 percent in 2018,” said Maria Hedengren, CEO of Readly.
“Our focus going forward is to keep growing in Europe through a continued increase in the number of subscribers, adding even more inspiring, engaging and entertaining content to our platform, as well as educating the market about digital reading. I now look forward to an even more successful 2019”.
With a presence in eight European countries and the US, Readly generates more than two-thirds of its revenues outside its Swedish headquarters.
In June, Readly’s UK MD and chief content officer Ranj Begley achieved the award for ‘Team Leader of the Year’ at the Professional Publishers Association (PPA) awards ceremony.