Tuesday 22 August 2017

Storyful incurs loss after expansion

Former RTE presenter Mark Little who established Storyful. Photo: Tom Burke
Former RTE presenter Mark Little who established Storyful. Photo: Tom Burke

Gordon Deegan

Expansion costs at the online news agency established by former RTE presenter Mark Little contributed to accumulated losses at the firm increasing by €2.2m to €5.8m last year.

Storyful was bought by Rupert Murdoch's News Corp for €18m in December 2013.

New abridged accounts for Storyful show that the firm's accumulated losses jumped by 60pc in News Corp's first full year in ownership.

Numbers employed by the firm have tripled to around 90 since the acquisition.

Commenting on the results, Storyful's chief financial officer, Barry Doyle, said that "2014 was an exceptional year for Storyful".

Mr Doyle said that following the News Corp acquisition "we embarked upon an expansion to diversify our service offering and significantly invest in our products and technology".

He said that this includes the establishment of an R&D unit at Storyful's Dublin offices.

Explaining the 2014 loss, Mr Doyle said: "We are investing, expanding and growing and while this has resulted in a loss for the year, Storyful is a market leader in what we do and we see this as an investment in the future of the company."

Irish Independent

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