I believe that storytelling has many of the same benefits of using good story based songs. Storytelling can be used to train the ears and eyes to listen and provide the opportunities to interact as both listeners and tellers. In addition, the child would expand the imagination and mental visualization and develop his/her awareness of sensitivity to the thoughts and feelings of listener and teller.
The child passively engages with the story and gradually develops confidence through the role-play of favorite character. Telling stories from other countries also provides opportunities to explore diverse cultures through their folktales which broadens the knowledge base for the child.
At home, you may try not only read stories out loud together with your child, but you may also help your child express his/her creative and theatrical skills by encouraging him/her to act out his/her favorite stories, offer some props or costumes that can be used to tell the story, or play with different faces to show the feeling of the character in each scene. Of course, you may think about finding some small percussion from your kitchenware to make the sound effects accompanying the story.
Your story will not be the same next time!