# Amagi Financial Model Cloud-native SaaS platform for TV/OTT channel creation, distribution, and ad monetization (FAST-focused) - Canonical: https://finamodel.com/startups/amagi - Excel download: https://finamodel.com/startup-models/amagi.xlsx - Category: Media/Gaming - Model type: SaaS ARR / Valuation - Funding round: Series F - Funding: $95M - Founded: 2022 - Geography: Global - offices in New York, Toronto, London, Paris, Singapore, New Delhi, Bangalore [DECK, slide 1]; 40+ countries [DECK, slide 1] - Customer: B2B2C ## About the company 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. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## 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**: 1. Assumptions - all drivers in one place, scenario toggle 2. Channel Volume Build - channels by segment (broadcaster, content owner, streaming platform) × growth rate 3. Platform Revenue - channels × fee tier × 12 4. Ad Monetization Revenue - ad opps → fill → CPM → take-rate waterfall 5. Income Statement - revenue, COGS, gross profit, opex by line, EBITDA 6. Headcount & Opex Schedule - FTE count by department × cost/FTE 7. Cash Flow - operating CF, capex (minimal - cloud native), free cash flow 8. KPI Dashboard - channel count, ARR, ad revenue, blended gross margin, EBITDA margin 9. Scenario Comparison - Base / Bull / Bear side by side on key outputs ## Frequently asked questions ### Is the Amagi financial model free? Yes. The Amagi model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.