Friday 28 October 2016

Mark Little's former firm Storyful posts losses of €10.3m as revenues rise

Gordon Deegan

Published 19/10/2016 | 02:30

Founder Mark Little left Storyful in 2015 and now heads up Twitter’s Irish operation
Founder Mark Little left Storyful in 2015 and now heads up Twitter’s Irish operation

Expansion costs at the online news agency established by former RTE presenter Mark Little contributed to accumulated losses at the firm rising by €4.5m to €10.3m last year.

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Storyful was bought by Rupert Murdoch's News Corp for €18m in December 2013 and new abridged accounts for Storyful show that accumulated losses jumped by 77pc in News Corp's second full year in ownership.

The firm has offices in Dublin, New York City, Sydney and Hong Kong. Thirty staff were employed by the firm at the time of the acquisition, but this rose to around 90 at the time of Mr Little exiting the business in June 2015.

Storyful says it is a market leader in discovering, validating and acquiring social news and content for global media organisations.

Revenues rose 45pc last year thanks to investment in its workforce and technology.

"Diversifying our business and creating new revenue channels continue to be strategic priorities for us," said ceo Rahul Chopra.

"That is why we are investing in the right talent and the right technology to position the business for future success."

Storyful grew its global team by 40pc in the first nine months of 2016 and the office in Dublin now houses more than 80 full-time employees and contract workers.

Underling the firm's expansion during 2015, the company's staff costs last year rose by €1m to €3.12m.

A note attached to the accounts stated that the directors have considered the losses to date and "are satisfied that appropriate measures have been taken to bring about the company's profitability and that the funding provided by and available from the shareholder is sufficient to enable the company to meet its liabilities as they fall due.

Irish Independent

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