October 2026
Largest Consumer SaaS Public Companies in Sweden
Benchmark revenue and EBITDA valuation multiples for public comps like
Spotify, Modern Times Group, Storytel, Truecaller and Viaplay.
 | Spotify is the leading global music streaming service, with over 750 million monthly active users and nearly 300 million paying subscribers, with the latter constituting the firm’s premium segment. Most of the firm’s revenue and nearly all its gross profit come from subscribers, who pay a monthly fee to access a music library that includes most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog, but cannot customize a similar on-demand experience. | $530 | -19% | $109B | $99B | 5.1x | 41.7x | ||
| Modern Times Group (MTG) is a Swedish gaming group headquartered in Stockholm that owns and operates mobile and PC game studios, with A and B shares listed on Nasdaq Stockholm. Its studios include Plarium, maker of RAID: Shadow Legends, PlaySimple, a word- and casual-games developer acquired in 2021, InnoGames, Hutch, Ninja Kiwi (acquired 2021, known for Bloons TD), Snowprint and Futureplay. Most games are free to play, so revenue comes from in-app purchases and in-game advertising. MTG traces its origins to TV3, which Kinnevik launched in Sweden on New Year's Eve 1987 as Scandinavia's first commercial channel; its media assets were distributed to Kinnevik shareholders and listed in 1997. The group spun off its Nordic broadcasting and streaming arm as Nordic Entertainment Group (now Viaplay Group) in 2019 and sold esports operator ESL to Saudi Arabia's Savvy Gaming Group in 2022. In November 2024 it agreed to buy Plarium from Aristocrat Leisure for $620 million. In 2025 it reported record net sales of SEK 11,579 million and adjusted EBITDA of SEK 2,648 million, with 9% organic growth. Maria Redin is president and CEO. | $12 | -13% | $1.4B | $1.7B | 1.5x | 8.4x | ||
| Storytel AB operates in the book and publishing sector. The Storytel organization comprises two divisions: Streaming and Publishing. Within the Streaming division, the company provides a subscription service for audiobooks and e-books under the Storytel and Mofibo brands, currently in Sweden, Denmark, Finland, Netherlands, USA, and other countries. The Publishing division comprises Norstedts, Massolit, Kontentan, Telegram, the Danish publisher People's Press (adults), Raben and Sjogren and B. Wahlstroms (children and young adults), as well as Norstedts Kartor. | $11 | +21% | $873M | $897M | 2.2x | 12.7x | ||
| Truecaller AB is a platform for verifying contacts and blocking unwanted communication. The company enables safe and relevant conversations between people and makes it efficient for businesses to connect with consumers. | $2 | -18% | $745M | $664M | 3.5x | 11.0x | ||
| Viaplay Group AB is a Sweden-based company that offers television channels and radio stations, broadcasting and production services. The company generates revenue from Viaplay, Linear Subscription & others, and Advertising. The company's operating segment includes Core operations and Non-core operations. The Core operations include the Group’s operations related to the Viaplay streaming service available in all Nordic countries and the Netherlands, pay-TV channels in all Nordic countries except Iceland, commercial free-TV channels in Sweden, Denmark and Norway; and commercial radio networks and audio streaming services in Sweden and Norway. The non-core includes the international markets the Group is exiting, ie. Poland, the UK and Baltics. | $0 | +103% | $551M | $1.1B | 0.6x | (27.7x) | ||
| Skolon AB provides digital educational tools. The company offers teachers and students a personal collection for all their digital tools. | $2 | -28% | $57M | $54M | 2.7x | (1275.3x) | ||
| Sleep Cycle AB is a sleep tracker application. It helps people understand their sleep habits and improve their sleep. The mobile application helps users fall asleep more easily, tracks sleep patterns through the night and wakes up users in the light-sleep phase, providing valuable insights designed to improve sleep quality. Geographically group operates in Sweden and other countries in which key revenue is generated from Sweden. | $2 | -3% | $49M | $40M | 1.7x | 5.5x | ||
| MAG Interactive AB is a Sweden based company that operates in the international games market as a developer and publisher of casual mobile games. The company's portfolio of games contains word games, puzzle game, and trivia games. The games of the company include ruzzle, word domination, wordbrain, wordbrain2, paint hit, quiz duel, qordalot, and ruzzle adventure. It generates revenue from In-app purchases and Advertising sales. Geographically, it derives a majority of revenue from Sweden. | $1 | -4% | $25M | $20M | 0.7x | 4.2x | ||
| Kvix AB is engaged in providing a platform for well-being through exercise - from yoga to strength training, breathing and mindfulness. It assists in finding balance in live workouts with others and monitoring the training journey. It also allows to interact with instructors and get live feedback if the users choose to share their camera image. | $0 | +67% | $3M | $3M | 2.2x | 21.3x | ||
| Median | $2 | -4% | $551M | $664M | 2.2x | 8.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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