Amagi Financial Model
Media/Gaming Startup Financials (Free Excel Download)
Cloud-native SaaS platform for TV/OTT channel creation, distribution, and ad monetization (FAST-focused)
professionals from Deloitte
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About this model
Amagi provides a cloud-native operating stack for broadcast and OTT television, spanning channel origination, scheduling, live production, VOD processing, distribution, advertising, and analytics. Its products include CLOUDPORT, PLANNER, LIVE, ON-DEMAND, THUNDERSTORM, and ANALYTICS, delivered through AWS and Google Cloud.
Broadcasters, content owners, and streaming TV platforms can pay platform fees by channel or module. THUNDERSTORM adds a managed ad-monetisation service whose economics are tied to inventory processed through the platform, although the research does not disclose fee levels or revenue-share terms.
The deck reports more than 2,000 channels across 100-plus platforms in 40-plus countries, reaching 200 million households through FAST services. It also cites 25 billion ad opportunities and 500 employees. The model should separate recurring channel software revenue from ad-monetisation revenue.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Amagi
amagi.com
How to build a detailed financial model for Amagi
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Amagi model - distilled from its pitch deck and publicly available information.
Product & value proposition
- End-to-end cloud platform covering the full broadcast/OTT value chain: channel origination → scheduling → live production → VOD processing → distribution → ad monetization → analytics
- Core products:
- Amagi CLOUDPORT - cloud-based channel automation & playout (linear TV + OTT; SD/HD/4K)
- Amagi PLANNER - scheduling tool integrated with CLOUDPORT
- Amagi LIVE - true-cloud live sports/news orchestration
- Amagi ON-DEMAND - VOD asset processing & delivery orchestration
- Amagi THUNDERSTORM - fully managed SSAI/DAI ad-monetization-as-a-service
- Amagi ANALYTICS - viewership and ad analytics
- Delivery model: Bring-your-own-license / SaaS / Managed service - on AWS and Google Cloud
- Three customer segments: Broadcaster networks, Content owners, Streaming TV platforms
Revenue model
- Platform/SaaS fees: Customers pay per channel or per module (CLOUDPORT, PLANNER, LIVE, ON-DEMAND). Pricing structure not disclosed in deck.
- Managed ad-monetization revenue share: THUNDERSTORM is described as "ad-monetization-as-a-service" - implies a rev-share or CPM-take-rate on ad inventory surfaced through the platform. Exact split not disclosed.
- Ad inventory scale: 25 billion ad opportunities - the monetizable pool, not revenue.
- Channels: Direct B2B sales to broadcasters, content owners, and streaming platforms. Distribution also via AWS Marketplace.
Traction & metrics
- 100+ platforms
- 2,000+ channels
- 25 billion ad opportunities
- 40+ countries
- 500 FTEs
- Reach: 200 million households through FAST platforms
- Sample ANALYTICS dashboard ad metrics (illustrative, not stated as company revenue): 1,750,762 total ad opportunities detected; 5,800,408 total ad requests sent; 4,371,541 total ad responses received; 4,369,562 total ad assets rendered
- No revenue, ARR, growth rate, or customer count by segment disclosed.
Competition / moat
- Moat claims (qualitative): "industry leader in FAST solutions"; "world's most advanced cloud-based channel automation & playout platform"
- Network moat: 100+ platform integrations creates switching cost - content owners need Amagi to reach Roku, Peacock, Pluto, Tubi, IMDb TV, LG, etc. simultaneously
- No direct competitive analysis slide in deck.
Team & funding ask / use of funds
Recommended financial model
- Archetype + why: Dual-revenue SaaS + ad-revenue-share model.
- Revenue stream 1 (Platform SaaS): Recurring subscription/license fees per channel or per module. Closest analogue is a usage-based SaaS (channels × monthly fee per channel tier).
- Revenue stream 2 (Monetization take-rate): THUNDERSTORM generates revenue as a percentage of ad spend transacted through the platform - a marketplace/rev-share model driven by ad impressions × fill rate × effective CPM × Amagi take-rate.
- Both streams grow with channel count (the key leading indicator already disclosed).
- Forecast horizon & granularity: 5-year annual model (Year 1–5), with Year 1 shown monthly for cash flow visibility. Annual is sufficient given no quarterly traction data is available.
- Key drivers & assumptions:
- Channels on platform (starting point): 2,000+; model at 2,000 as base, growing at 30% YoY - consistent with FAST sector growth and Amagi's leadership claim; adjust in scenarios
- Average monthly platform fee per channel: $500–$2,000/channel/month depending on tier (CLOUDPORT + add-ons); use $800 blended as base
- Platform revenue = channels × blended monthly fee × 12
- Ad opportunities per channel per year: 12.5M (= 25Bn ÷ 2,000 channels); this is the addressable pool, not filled
- Ad fill rate: 50% base (industry FAST average ~40–60%)
- Effective CPM: $8 base (CTV FAST typical range $6–$15)
- Amagi take-rate on ad revenue: 15–25%; use 20% base (marketplace norms for managed ad services)
- Ad monetization revenue = channels × ad opps per channel × fill rate × (eCPM/1,000) × take-rate
- Gross margin - platform fees: 70–75% (cloud infra pass-through on AWS/GCP is the main COGS)
- Gross margin - ad monetization: 80%+ (largely software/ops overhead, not media buying)
- Blended gross margin: ~72% base
- S&M as % of revenue: 25% (enterprise B2B media tech benchmark)
- R&D as % of revenue: 20%
- G&A as % of revenue: 10%
- Headcount: 500 FTEs; ~$80K blended annual fully-loaded cost/FTE given global footprint (India-heavy engineering base + US/EU sales)
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: Channel growth 15% YoY, eCPM $6, fill rate 40%, take-rate 15%
- Base: Channel growth 30% YoY, eCPM $8, fill rate 50%, take-rate 20%
- Bull: Channel growth 50% YoY, eCPM $12, fill rate 60%, take-rate 25% (platform pricing power increases as network effect deepens)
- Required sheets / outputs:
- Assumptions - all drivers in one place, scenario toggle
- Channel Volume Build - channels by segment (broadcaster, content owner, streaming platform) × growth rate
- Platform Revenue - channels × fee tier × 12
- Ad Monetization Revenue - ad opps → fill → CPM → take-rate waterfall
- Income Statement - revenue, COGS, gross profit, opex by line, EBITDA
- Headcount & Opex Schedule - FTE count by department × cost/FTE
- Cash Flow - operating CF, capex (minimal - cloud native), free cash flow
- KPI Dashboard - channel count, ARR, ad revenue, blended gross margin, EBITDA margin
- Scenario Comparison - Base / Bull / Bear side by side on key outputs
Frequently asked
Is the Amagi financial model free?+
Yes. The Amagi model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Amagi's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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