Welcome to this investor call for Storytel for Q4 2020. You can go to the next slide, please, with the snowballs. Basically, our global market opportunity for audiobooks is big and rising. We anticipate the overall market to grow from SEK 40 billion in 2020 to SEK 200 billion in 2030, and Storytel is aspiring to take a good share of that market. We're currently at about 5% market share and have to grow that to about 15% global market share by 2030. Next slide, please. The reason we are bullish and believe that the audiobook market will grow throughout the world is from the example of the Swedish audiobook market, which has grown from a couple of percent five, six, seven years ago, and up to sites where the audiobook market is actually the majority of the fiction sales book market overall. This is a trend we're seeing in many of our markets, and we expect this strong audio trend across the world to impact the audiobook market and make it the dominant segment in the fiction book market globally. Next slide, please. Storytel has been on an expansion over the past seven years, and we're now on 20+ markets. We've demonstrated that we can grow many of these markets past the 50,000-subscriber milestone in a couple of years. We see from one of our recent launches in Turkey a couple of years ago, we actually grew that market to past the 50,000-subscriber line in only 15 months. What's interesting to note on this slide is that Sweden, which is our by far biggest market, actually took the longest to grow from zero to 50,000 subscribers. It took about four years. That says something about the potential, I think, and the success of our expansion strategy. If you go to the next slide, please. What is as important is that we want to demonstrate that we can grow markets to profitability within five years. That's the target we set for all our markets, and so far we've been successful with all markets except maybe for the Netherlands, which took us six years. We now have five markets that are profitable, and we expect to turn three more markets profitable within the next year. That's Poland, Finland, and Russia. Next slide, please. Just briefly on the Q4 growth. We grew subscribers year-on-year by 33% and revenues by 19%, but you have to bear in mind that the Swedish krona has been incredibly strong in the past year. Working off a fixed currency, then we would actually have grown by 26% between Q4 2019 and Q4 2020. With that, I hand over to our CFO, Sofie. Thank you, Jonas. Let's jump into the report, and you can change the slide. Highlights from the report, as Jonas said, streaming sales up 19%, but using constant FX rates is up 26%. We try to describe that a little bit more in this report, also for the Q1 forecast for 2021. Net turnover increased to SEK 633 million in Q4, up from SEK 565 million in Q4 2019. On the EBITDA line, we came in at SEK -22.8 million, EBITDA margin of -3%, which is in the targeted range that we have for the full year. For 2020, we came in at -3.2%. I think something great in this report is the print segment, as the figures came out from Sweden during this week. We saw that the Swedish book market actually grew by 9% in 2020. Of course, streaming is a big part of that, but also the physical book actually increased. On the EBITDA side, we increased from SEK 9 million in 2019 to SEK 42 million in 2020. That's great news. Next slide, please. Digging into streaming top line and profitability a little bit more. You can see that we came in at about SEK 500 million in Q4 2020 on the revenue side. Contribution margin went down slightly in Q4 compared to Q3. The reason for that is the investment in the non-Nordic segment, where we see good momentum and increased marketing spend if you compare it to Q3. On the subscriber side, we came in at 1,442,000 subscribers and an ARPU of SEK 116. In the Nordic segment, we are almost at SEK 400 million on a quarterly basis on the revenue side, and a really strong contribution margin this quarter, 33.6%. We are increasing top line and we are also increasing the profitability in the Nordic segment. Although we saw a slight decrease in the ARPU this quarter, that is explained partly by the strength in Swedish krona, but also that we see that more and more customers go over to the family subscription, which we are very happy about since that increases the lifetime of the customers. Looking at the non-Nordic segments, we are above the SEK 100 million mark on a quarterly basis on the revenue side. As I said, contribution margin went down slightly, but we see that as a positive sign that we can, yeah, get good return on investments on our marketing spend. Average subscriber increased to 560,000. A slightly ARPU decline also here. Same explanation as I talked about on the Nordic segment. Just touching briefly on the Q1 forecast. As you can see, we think we will come in at SEK 514 million on the revenue part. Subscriber base will grow with a 100,000 subscribers, while ARPU decline slightly also this quarter. Q1 is always the worst quarter for us when it comes to ARPU since it has fewer days in the quarter, and we charge our customers on a 30-day basis. If you adjust for that, the revenue would increase by 2%. The Nordic segment is basically flat, but as I said, growing 2%, if you adjust for the number of days in the quarter. The streaming revenue for the non-Nordic in Q1 amounts to SEK 115 million, 588,000 subscribers, ARPU of SEK 65. As you can see on the graph to the right, it's going in the right direction on the Nordic side. As I said, on the non-Nordic, we are investing heavily in marketing, and we see that we get a good return on investment on those spends. You can go to the next slide. I will hand over to Ingrid, talking a little bit more about our expansion activities. Thank you, Sofie. Yes. Last year in our Capital Markets Day in January, we said we were not going to focus so much on expansion over 2020, but we couldn't resist to at least launch two countries at the end of the year. We successfully launched Belgium in late October. That's really great to strengthen our bases in Europe and in the Benelux region. It's also great to see that this has been done entirely by our Storytel Netherlands team. It has been a fun challenge for them, as well as broadening the scope of the business in the Netherlands. We also launched Thailand at the end of the year, which has been a region where we've been in for a long time, actually producing a lot of audiobooks. That has been a little bit of a different expansion story where we start by acquiring content and, of course, produce. When we feel ready, we launch for our consumers on the consumer side. Next slide, please. Also great to see that last year has been a very positive year for our creative side of our business, working very closely with creators across the world to produce the Storytel Originals for audio-first audience. Very happy to see that 1/3 of our countries actually had one of the Storytel Originals at the top 10 list or number one title, actually, during December. Great to see also that we have tested some of the stories that we have developed. For example, Virus. It's a seven-season book that we have developed in Sweden. That has actually also now been translated into several languages and is in our service in other countries as well. Next slide, please. Very super happy to announce our really first global Storytel Original, and that we have been doing together with a collaboration with very renowned bestselling author, Camilla Läckberg, and as well, renowned actor, Alexander Karim, who's also been an author lately. It's really great to see that we will release this on June 15. We will translate it into 14 languages and go live at least in six markets on that day. This is a big investment for us. We believe that this is a new way for us to build stories across the world, and find new collaborations to continue to invest in great stories. Next slide. Yes. Sofie. All right. I'm back. We already touched upon the forecast for Q1 2021 compared to Q1 2020. Let's just reiterate that. Subscriber base growth is 34% in our forecast, and revenue growth 20%. Just to emphasize again, the revenue growth would have been 27% if we use constant FX rates. We are suffering a little bit from the strength on krona. Next slide, please. Our financial targets 2020, just to show that we have a history of reaching our targets. We said that we would reach 1.9 billion SEK in streaming revenues in 2020, which we achieved. We also achieved the 1.5 million paying subscriber mark in just a few weeks after year-end. I think we get a pass on that as well. We also said that we wanted to turn at least one country profitable, and we saw that Netherlands became profitable in 2020. Our EBITDA range was the -1% to -5%. We came in at -3.2%, in the middle of that range. As Ingrid said, we also launched in Belgium and Thailand. Looking at the full year 2021 targets, we see continuous growth, and we want to grow our streaming revenues to SEK 2.4 billion-SEK 2.5 billion. At least a 28% revenue growth. In order to achieve that, we want to reach 2.1 million-2.2 million paying subscribers. Of course, that will depend on what geographical mix we have and also subscriber mix, since we have launched a few new subscription types during 2020. More important as well is, of course, to become profitable in more countries. We think we will reach that in Finland, Poland, and Russia for 2021, as Jonas also mentioned in the beginning. We want to achieve this by improving our EBITDA margin, basically. Coming in at zero to -5% negative EBITDA margin. We are preparing to launch many more markets. We want to be present in at least 25+ markets. Going into 2023 targets, we want to be present on 40+ markets. We reiterate the targets that we announced on our Capital Markets Day. We're still convinced that we can reach 35% CAGR on the streaming revenues, which of course, indicates that we will increase our growth rate in the coming years and have around 40% CAGR on the paying subscribers. We also want to reach streaming profitability on a local level within five years from launch. As Jonas said, we have been successful in that in the past. All right. That was the end of the slideshow, so we will move into the Q&A session. Thank you. If you do have a question for the speakers, please press zero, one on your telephone keypad now. If you wish to withdraw your question, you may do so by pressing zero, two to cancel. Our first question comes from the line of Derek Laliberté of ABG. Please go ahead. Your line is now open. Yes. Good morning. I was wondering a bit about your path to reach the revenue target in 2023 implied by the 35% streaming revenue CAGR target here. It's quite obviously clear that since growth was below the average target rate in 2020, and now you're gunning for that in this year as well. It'd just be good to get some sort of specifics about what's expected to happen in 2022 and 2023 versus this year from your point of view. Thank you. All right. Yeah, I can start. That's a fair question. For 2020, we saw really strong growth in the Nordic region. As I talked about the Swedish market, it's really growing the overall book sales. We want to continue to invest a lot in the Nordic region since we still see big potential, and we want to continue to keep our strong market position that we have in these markets. Looking at the other countries, as Jonas mentioned, the countries where we reached the 50,000 subscriber mark and also the 100,000 subscriber mark, we see good momentum in and we want to continue to invest in those countries that are currently in the West region and also Turkey in the East region. Then I think the Nordic and the West region will contribute most to the growth in 2021 at least and also in 2022. The APAC and the East and the LATAM region will contribute more from 2023 going forward. Jonas, do you want to add? Basically, when it comes down to how people will start signing up at the higher extent and to stay with the service at a higher extent, we see that we have really good momentum on the subscription side now. We've launched a couple of new subscriptions in the past year and testing those out. We'll roll them out more broadly during 2021. We think that will have a good effect going forward. We also see that working with achieving product leadership is moving forward. In particular, looking at how we curate the content to our subscribers, ensuring a personalized experience and also ensuring that people start to get recommendations from each other. That's something that we anticipate will also help to boost loyalty in the service which will in turn also help us grow more. Perhaps just to sum up or to finalize that discussion, we have also been very successful in the past of increasing prices, and that is something that we work with continuously. I think we increased prices in at least eight of our 20 + markets in the last couple of years. That's also one way to grow revenues, of course. Okay, thanks. That's very helpful information. Just going over or back to this year. Looking at your Q1 estimates here for the non-Nordics segment, specifically that growth rate in subscribers, you're still expecting that to be below 60%. Not really a pickup from H2 of last year. From my point of view there, it looks like you really need to accelerate growth here between Q2 and Q4. I was wondering a bit what will drive this pickup. Is it more heavy investments or how does that look? Yeah. It's in part those elements I talked about before, but also, as you say, more heavily invest in marketing and ensuring that we drive even more intake to the service. Got you. Okay. That's all from me now. Thank you. Thank you. Our next question comes from the line of Joachim Gunell of DNB Markets. Please go ahead. Thank you. To continue where Derek left off. As you alluded to, Jonas, you've run a couple of interesting experiments during the past quarters, with some lowered price tiers in some markets. Can you perhaps talk a bit more about the learnings from these call it experiments? If they're successful enough to expand to other regions? Yes. I would say that 2020 was a year of a lot of testing and also a lot of improvements generally on our service, in terms of everything from user experience, also from the offers that we have in the market. We have a lot of learnings that we can draw from what we did during the Q3 and Q4. We can see actually really great momentum, for example, in India, where we have launched a service that is much more targeted and localized in terms of the language it offers. We are positive that this is a trend that we will continue to do, in that specific region and also in others. In addition then we are looking into what we have tried as different limited service. We cannot exactly say how we will do this, but I'm sure that this is really a way to go, because we know that people want to test our service. We have seen that during last year, we had a fantastic intake, lots of people testing our service. There is also a behavioral change that needs to happen. Then we want to support our customers to actually do that behavioral shift in the best way. Product market fit is of course key to how we do this in all our markets. Understood. To continue on Derek's question with accelerating growth from, say, Q2 throughout 2021. It seems that okay, you are now more comfortable with the CLTV SAC levels to invest more heavily, call it. Can you just elaborate a bit more on what makes you more comfortable with the CLV to SAC levels? Well, it's constantly improving our attribution model and learning from data, learning from how our customers behave, and of course also improving on our brand and our communication and campaigns. I think it's a range of different aspects. If you have been following our app closely over the year, you've probably seen a significant shift in how we communicate, the tone of voice and also the expression, and that is now flooded over, of course, in all our types of communication. We also have in-app communication in our app today in a much better way. I think all of this actually makes our CLV to SAC improve in a sense, or at least it gives us much more confidence that we know we are on the right track. If you pull it down to the customer experience, we can see good traction on improvements on the average app store rating, for instance. We can see improvements on also the DAU, the usage, how much people use the service when they get in, and that translates into a better customer lifetime and higher revenues. I think we're very positive about those developments, and I think that's really what's going to make the difference in increasing the growth rate going forward. Understood. In terms of, call it the churn or customer retention development throughout 2020. You talked about non-Nordic markets or new subscribers there being a bit more, say, uncertain in terms of how we can forecast it. You feel more comfortable about the engagement in these markets now, if I understand you correctly? We have many more tools in our toolbox now. I think we talked about all the different subscription models that some we can talk about and some we can't talk about, but we're rolling those out more broadly now. That means that a customer comes in doesn't only have an unlimited and often quite expensive service to sign up to, but they can also, if they're a bit hesitant, sign up to a lower price model and therefore stay longer. Roger that. Just final from me. If you just look at the competitive landscape, can you just talk a bit about what you perceive as the real competition for you guys? Is it the other audiobook services or say perhaps new larger market entrants with bundling options, et cetera? Yeah. When we started many years ago, we always looked at how we would fare in the audiobook market. We compared ourselves to CD audiobooks and tried to win the audiobook market. Now we can see that we are in the segment that's really totally taken over the audiobook market, and we no longer look at the audiobook market as a market, but the overall book market. That's what we see from the statistics in Sweden, for instance, where now audiobooks are more than 50% of the overall book market for fiction books. It doesn't really stop there because we need to ensure that the book stays relevant. We need to ensure that other entertainment formats do not succeed more than we succeed with books. We believe that books have a very good role in society today, that it provides a much more colorful mindset and not just the black and white mindset that we oftentimes see now. You have more time to think, you have more time to use your imagination when you listen to books, and that's really the agenda that we're pushing forward in terms of customer experience. I think that's a real competition to ensure that that stays. We've been very good, I think, at working collaboratively. We can see that the Swedish book market now thrives because we have worked collaboratively with our competition. We're still market leaders, and we still succeed. We can also see other services succeeding well in this market. I think that there's no problem with that because the big challenge is really to ensure that the book stays relevant and that the book markets are healthy. Very clear. That's all from me. Thank you. Thank you. Our next question comes from the line of Oscar Erixon of Carnegie. Please go ahead. Your line is now open. Thank you. Good morning, guys, and very nice to have you back, Sofie, as well. A couple questions from me, although some have already been asked. Your internal focus here in 2020, are there any one or two key things that you would point out that you have done? Also, do you feel like anything important is missing ahead of this geographical expansion? Finally there, have you felt that your product offering has been trailing local competitors in any sense? Thank you. Yeah, that's a great question, and looking at the internal perspective, we feel that the organization and Storytel and our decision-making processes and our focus on the right KPIs and the things that really drive the business is something that we've really set the scene for in 2020 and starting to see great results for now, where we have an organization and people working in the company that are much more results and focused driven than we have been any time before. I think that's a key parameter. Looking at what the customer sees externally, we have a wonderful content production machinery that runs out in 28 different languages now, and we learn a lot from that. We can see, as Ingrid talked about, that we are now capable of launching Storytel Originals globally, and we haven't had that capability before. We have a very good communications team that are helpful in making that happen and making the media pick up the launches. I think there's a lot that's happened on that end. On the customer side, as I said before, there's more subscription options to choose from, there's more payment alternatives to choose from, and there is a better welcoming when you enter the app and start using it. You have a better chance now than you've ever been before in finding the right content for yourself and come back day after day after day. Perfect. Thank you. Sequentially here in Q4, we see quite significantly increased marketing in the non-Nordics, I suspect, judging from the contribution margin. Are you seeing clearly improved LTV SAC compared to Q3 and improved momentum, or are you sort of accepting a lower return than you did in Q3? I guess an add-on question to that then is, do you have a sort of updated view on COVID-19 impact, positive or negative? Thank you. Yeah. Thank you. Very interesting question in regards to our non-Nordics here. I think we have to talk about the fact that the non-Nordics now comprises of 16 markets, 18 markets. It's a wide variety, obviously, they are in very different stages. Some are very early. In Thailand, we just explained, we just started, there are others that started a year or two ago. We, of course, have some markets where we've been in for quite some time. I think it's a mix. It's difficult to tell exactly on a mix. What we have been doing and what we are better and better at, I think we are adjusting to where we see different momentums. This is something that we are continuously working with. Some markets may have suffered a little bit more due to the COVID situation last year that none of us could have expected or anticipated. Then there are some other markets that are actually thriving in the sense that people are really wanting and desiring more things to do on their lockdown period. Then we have better momentum in these markets, and obviously we also then divert our marketing investments as well as content investments in a smarter way. That is something we will see continuously going forward. The exact answer to your question about seeing the fact is basically. Yeah, positive. Positive development as a whole, outside of the Nordics. Yes, absolutely. Great. Very clear. On the targets, historically, you have largely delivered very well on targets. Given the momentum here in H2 last year and Q1 here at the start, are you confident on your 2021 and your long-term targets? Another question, could guiding on constant currency level be an alternative going forward? Yeah, thank you for that, Oscar. Yes, we are very keen on reaching our goals. As you said, historically, we have been very good in reaching what we have said that we would reach, and there's no exception this year. We feel strongly about our targets for 2021. Of course, it's becoming more and more tricky, of course, to do the forecast when we are in 20+ markets with high ARPU countries, mid ARPU countries, and low ARPU countries. We also have new subscription models that we roll out, and then as you mentioned, we have seen an exceptionally strong Swedish krona this year. Of course, that makes it a little bit more difficult to forecast. When we forecast, we look at the FX rates that we currently have in our budget, and we are not forecasting how the Swedish krona, if it will become stronger or weaker. Yeah, just to answer your question, yes, we feel confident, but then there are some uncertainties right now. Perfect. Final question from me. Could you give an update on how your price increases during 2020 have been received in terms of churn? I know you talked previously about that not impacting churn that much. Yes. Price increases is obviously another instrument for our growth, and we have actually seen quite positive results from our price increases in general. Already this year, we have done two price increases, one in Norway and one on Iceland. We believe in not doing radical price increases, but rather following the different markets we are in. As we are improving our service, we are also improving the size of our catalog and the way we invest in content. We think it's fair to increase prices and follow that in a smart way. When it comes to churn, I think when you do a price increase, there might be an immediate effect that you wake up somebody who maybe forgot about their subscription. That is such a small part of our portfolio, so that doesn't really give us any long-term implication. All our price increases so far have been clearly net positive for us. Yeah, if you look at the bottom line. We have the family subscription now, which we didn't have a couple of years ago. We can really say that those customers get enormously high value for money, and there are great opportunities also to get good value for money there, even with slightly higher additions when you add more customers. That's something we've seen in, as you said, Iceland and Norway, and probably we'll see in more markets. Yes. That's very helpful. Thank you very much. That's it from me. Thank you. Our next question comes from the line of Stefan Wård of Pareto Securities. Please go ahead. Your line is now open. Thank you. I'd like to start with a follow-up on the 2023 forecast. It implies that you will reach streaming sales of about SEK 4.5 billion, and then we can add the print to that. You will have a top line in excess of SEK 5 billion by 2023. Could you please describe a little bit also 17 of the markets in the footprint where you will have been present more than five years by the end of 2023. This sort of indicates that we could see quite nice development of the EBITDA over these years. If you could help with any comments on this and how the scalability on the cost side builds the contribution margin, what we can expect there? Thank you. Yeah. One very important target for us is to turn markets into profitability after five years. As we already mentioned, we expect three more markets to reach that stage during 2021. More countries, as you say, will follow during the next couple of years. As we also communicated on our Capital Markets Day, and that we still believe firmly in, is that we will prioritize growth before profitability if we see improved CLTV to SAC ratio. Of course, the EBITDA or the EBIT might be even more important to look at now when we capitalize our intangible assets. That will depend on the mix of countries that we go into. If we see good momentum in these new markets, we want to, of course, continue to invest in both content production and marketing. It's difficult to say exactly when we will reach profitability on an EBITDA group level. I think more importantly for us is to see that we can really turn more markets into profitability and also improve EBITDA levels in these markets to the levels that we see now in the profitable markets in the Nordic region. Okay, thank you. Can you give some guidance then on CapEx levels for the coming, say, couple of years? Meaning capitalized content cost per annum. Yeah. As you saw in the report, you can see it on a separate line in the P&L. We invested SEK 240 million in both content production and R&D, and that's weighted more heavily towards the content investments. I think it's fair to say that we will continue to invest in the same pace that we are currently investing in, and then we will add more markets to that so the total amount will increase. As a percentage of revenue, I think you could estimate the same levels that we are at today. A percentage of revenue? Yes. Okay. Thank you. Turning into the new subscription offerings in India. A bit interested there, is it only your own content? It's 100% Storytel content in the, for instance, Marathi offering? How is the margin structure for that type of offering? Yes. Sorry, the line is a little bit tough here. The last sentence you were saying, you asked about what is our share of the content, and then I didn't hear the last sentence. How the profitability looks for that type of offering. It's such a low price level compared with the unlimited offerings. I'm just trying to figure out what the margin could be for that offering. When we explore different types of price models, we obviously also calculate a profitability level that we think are decent in terms of how we would like to offer it to the market. Every price decision is a combination of course, the cost and margin perspective, but of course also on a product market fit level. When it comes to India, one has to understand the dynamics of an Indian market where we have plus 20 local different languages, and different people in different regions speak those different languages. We obviously want to take this to those individuals that have a native language preference. I think that's what we are diluting to with these limited languages selection. Yes, the catalog that we have invested in is a lot of our own-owned content. Okay, thank you. Can you also give a little bit of color on what we can expect for the Middle East offering? How up and running is that? [Kitab Sawti] acquisition, I'm thinking of, but also interested in the iCast acquisition in Israel, what we can expect for 2021 and onwards. Yeah. We see good traction in the Middle East. That's I think what we can say. Our challenge now is to ensure that we can localize the offerings for the different countries. We also expect to launch Israel shortly. I think that that will be a very exciting market. I think sweet spot, I've said it before, but I think it's a sweet spot of the type of markets we want to launch, which is quite high ARPU, reasonably sized country where you can expect good word-of-mouth traction. We also have a very strong proprietary catalog, where we can expect to have good margins as well. It's super exciting. I think we'll get back to that as the market starts to become bigger, and we can talk more about how successful we are. Great. Thanks. The last question is also just any color on development in South or Latin America would be greatly appreciated. I'm thinking of Brazil, Mexico, Colombia, for instance. No, I don't think we can comment any specifics more than I think you're right there. South America is suffering quite a lot during the COVID-19 or corona situation. Obviously also some macroeconomics affect us as well. However, we see a really strong focus on nice entertainment and of course, continue to invest in our own catalog to ensure a good local fit in that region. We believe long-term in the region and continue to invest. Okay, thanks. That's all from me. Thank you. Thank you. Our next question comes from the line of Hjalmar Ahlberg of Kepler Cheuvreux. Please go ahead. Your line is now open. Thank you. Maybe just a few more questions. On the targets here, both for 2021 and then also 2023, you discussed a bit how the mix in the non-Nordics will be, but could you say anything about the share of different countries or different markets? I don't know if you can be specific, but it's like the top three of the Nordics, is that 50% of the total, or if there is any input on the mix of the non-Nordic? What we can say, if you look at the Q4 report, the Nordic region still stands for almost 80% of the total revenue, and we still see good growth. Since we are early in many of our markets, we will continue to see Nordic as a really strong segment going forward. Got it. You can't say anything on the non-Nordic? If the top three markets, is that a large part of the total in the non-Nordics, or is it a bigger split between the different markets in the non-Nordics? We can say that you saw the slide I showed before on the market that reached 50,000 subscribers most quickly. That gives you some flavor that markets we are seeing great growth in are markets like Russia, Turkey, Poland, Netherlands. Those are our top non-Nordic markets, and we're quite bullish about all those markets in coming years. Got it. I may have discussed it a bit, but maybe on, as you said, that later in this 2021- 2023 period, you expect more growth in the emerging markets, so to say. What is the biggest challenge to reach this growth in this market? Is it content, or is it that you have to find the right marketing methods or anything you can give input on there? The challenge is and remains for most markets to develop awareness about the audiobook as a subscription product. I think that's really where our marketing comes in, the word of mouth generated from delivering a really good service that includes strong content that's relevant to people and that people can read about also outside Storytel. I think it's a mix of all those different things, and also ensuring that we have a good price point that people can relate to in comparison with other types of entertainment services. Book reading remains strong. It has to be said all over again. I think looking at physical books still exist. It still grows actually on some markets and ensures that we have an author community and a publishing community that keeps investing and keeps generating great stories. We're there to ensure that people choose that above other entertainment forms. I think we're doing that successfully. Storytel is a very long-term growth story, we have a target that 10 years from now to grow to SEK 30 billion. That's a big ask, but we can see that we have a very good market position on a fast-growing market. I think that's what really matters for us to set the target on the long term. Of course, we need to deliver in the short term. We've done that historically. We've hit all our targets so far. We don't plan to miss the target for 2021, but I have to admit that it is a challenging target. It will be reached only if we ensure that we can improve the user experience and keep pushing out really the strong titles that brings in more people to the service. Thanks. Maybe a question on this new Storytel Global original content? Will this be important, you think, in a more mature market, or it is something that is important to have in new markets as well? Do you see competition doing this as well, or is this something that is unique for you think? I think the fact that we will translate this into 14 different languages is something we believe that this is equally strong in all our markets. As Jonas just pointed out, I think really telling the story about how a digitally streamed book can be as an experience for you, that's our story that we want to tell. The best way to tell that story is through awesome and great content that has been done by great creators. I think that's the way to reach everyone in every country of the world, in every type of language. Yeah, we believe that this will be strong in many markets or in all of our markets, but in different ways. Okay. That's it from me. Thank you. Thank you. Thank you. Are we approaching the end of the session, or do we have more questions? We currently have no further questions. Great. Thank you so much for amazing questions. Thank you for tuning in. Really happy to have this call and to have this communication with you. As always, Sofie, our CFO, is available for analysts to discuss what's the report and what's the target. Thank you for tuning in, and thank you for believing in the book market and in audiobooks and in Storytel. Thank you.