Artem Kutukov, CEO and co-founder. Image: © Storyby/Evoto.
The Ukraine-founded company aims to cement its place in the novels and short series market.
Streaming has dominated the internet within the last decade.
We all know the big players – Netflix, Disney+, Amazon Prime, the list goes on. However, according to Michael Nathanson, co-founder of the Wall Street media research firm MoffettNathanson, only Netflix and Disney+ actually turn a profit from its services.
However, Artem Kutukov and Leo Ovdiienko are determined to develop an ecosystem of entertainment products, with their Ukraine-founded start-up Storyby – starting with two complimentary apps.
The first is called AlphaNovel, which allows the user to read or listen to a novel, and the second is a streaming app called DramaShorts, which allows users to watch video adaptations of the novels from AlphaNovel in episodic format. DramaShorts includes both original content (based on AlphaNovel novels) and content from the Storyby’s partners.
Kutukov told SiliconRepublic.com that Storyby, which was founded in 2022 and is now based in Cyprus, is focused on discovering rising star authors and offering the opportunity for their stories to be read, watched and experienced through original content in the form of novels, audiobooks and video series.
Humble beginnings
Kutukov has a background in computer engineering and started his tech career as an Android developer while still at university. However, being an entrepreneur was always at the forefront of his mind.
He explained that he had gained experience in both building “big international products and small pet projects”. As a result, the idea of AlphaNovel originated “almost immediately” for Kutukov.
Building the content and authors side of the business was one of the challenges, and that’s when Ovdiienko joined as a COO. Having previously built operations at Uber, he applied the same principles to this business, and the first titles soon showed up on the platform.
Storyby is further assisted by its CTO, Volodymyr Boiko, and its CMO, Volodymyr Alieksiechenko, along with other team members from various disciplines.
In exploring its target demographics, the Storyby team identified several core groups of the user audience for both AlphaNovel and DramaShorts. Kutukov said that the two apps are popular among English-speaking women from all over the world, but mainly from the US.
“Interestingly, around 20pc of DramaShorts viewers are male, but based on our initial data, we think that in the long run, it will be 50/50 male and female,” Kutukov added.
‘Eliminate the middleman’
When the team first launched AlphaNovel, they aimed to “eliminate the middleman, overhaul the traditional publishing process and deliver original content directly to readers”.
They have one core mantra: that readers, not publishers, should decide what novel is worthy of attention.
Storyby is backed by 40 team members and more than 15,000 authors from all over the world, in addition to dozens of actors, filmmakers and other creative partners.
The company actively employs AI components in its operations and other parts of the business.
“For example, at AlphaNovel, the team leverages machine learning models to automate the readers’ feedback and quickly find ‘gems’ among bestselling books. These top picks eventually transform into scripts and are then produced into series” said Kutukov.
As for the DramaShorts app, the team uses AI to help craft subtitles, voiceovers (which is currently under testing), scenario variations fine-tuning and ad creation.
“AI is definitely an omni-tool for Storyby’s business. AI tools are essential for our team, as they streamline routine tasks and boost overall productivity. Given how much they simplify our daily processes, it’s hard to imagine working without them.”
Given the extensive tools that Storyby employs, it may be surprising to learn that Storyby is currently not seeking any funding for its services. But Kutukov did say the company is always looking for “sharp candidates” to join the team.
Potential and expansion
At present, the company has turned its focus to DramaShorts, as it sees “great potential in this business”.
Storyby also aims to expand horizontally into Latin America and Europe by leveraging AI content tailoring and its content relevance.
While there are already big players in the entertainment sphere, Kutukov maintained that the team at Storyby is ready for the challenge.
“Building a business is always a rollercoaster of both highs and lows,” he explained. “We invest a lot of resources into finding high-performing A-players.
“In our experience, parting ways with people is always a challenge for the team, especially with more senior leaders, but it is a great way to learn about yourself and what is important to you in business and in people in general.”
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