MEMedal.tv Financial Model
Media/Gaming Startup Financials (Free Excel Download)
Medal is a PC/mobile platform for capturing, clipping, and sharing in-game video moments with a social layer built on top.
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About this model
Medal is a gaming platform for capturing, clipping, and sharing moments. Its instant replay records the prior 15–120 seconds without requiring recording expertise, while native apps, console integrations, an algorithmic feed, and tagging create a specialised social network around gameplay.
The research frames Medal as a user-generated-content consumer platform with advertising and possible creator monetisation, but it does not disclose an active revenue model, pricing, or paid conversion. Its relevance comes from the capture workflow and social identity layer rather than from a defined subscription offering.
Daily captures reached roughly one million on the KPI card and approached 1.5 million at peak in 2021, up about 400% year on year; users created more than 70 moments monthly. A model should tie active users and clips to hosting and moderation costs, then treat advertising yield and creator revenue as explicit assumptions.
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 Medal.tv
How to build a detailed financial model for Medal.tv
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Medal.tv model - distilled from its pitch deck and publicly available information.
Product & value proposition
- One-click capture of the last 15–120 seconds of gameplay ("instant replay") without requiring users to learn recording software.
- Native apps on Windows, Mac OS, Android, and iOS; console supported via integrations (e.g., importing console clips).
- Algorithm-driven feed that tailors content to what a user currently plays and watches, used to surface people, content, and groups.
- Social identity layer: "tagging" feature lets users express identity and connect with others through moments.
- Vertically integrated social network framing - less distraction, more specialisation vs. horizontal social media.
Traction & metrics
All figures are as of data through Feb 2021 unless noted.
- Videos captured per day: ~1,500,000 at peak (Jan/May 2021), up from near-zero at Jan 2019.
- Series A announced: ~Aug 2019, at which point daily captures were roughly 300,000–400,000.
- Videos captured daily: ~1M - note this is the stated KPI card figure; the chart shows approaching 1.5M, suggesting the 1M figure is a rounded/conservative figure or slightly earlier snapshot.
- Videos captured daily YoY growth: +400% y/o/y
- DAU:
- Moments per user per month: 70+
- Moments per user per month growth: +100%/yr
- D30 Retention:
- D100 Retention:
- DAU/MAU ratio:
- Community breadth: Expanded 10x+ across gaming communities and geographies; 60% of usage from top games, 40% from thousands of small/niche gaming communities.
- Growth across PC & mobile communities visible in stacked area charts (slides 04 and 09); PUBG / Call of Duty / Roblox visible as top communities by late 2020.
- Moments captured per week by community growing sharply from Nov 2020 to Feb 2021 on slide 09 - top community reaches ~500+ per week at Feb 2021 endpoint.
Competition / moat
Not explicitly a competition slide. Implied moat points from product slides:
- Claimed to be "the top platform for capturing & sharing in-game moments."
- Expanding leader by 10x+ across communities and geos.
- Proprietary algorithm for personalised content/community matching.
- Multi-platform SDK (Windows, Mac, Android, iOS, console integrations) as distribution moat.
Team & funding ask / use of funds
Recommended financial model
- Archetype + why: Consumer social / UGC ad-supported platform model (comparable to Twitch, YouTube Gaming, TikTok). Revenue will flow from advertising (CPM display/video ads against UGC content) and potentially a creator monetisation or premium subscription layer. Since no revenue is shown yet, the model must project from a DAU / engagement base through to monetisation. A DAU → MAU → ARPU → Revenue build is the right spine, with a 3-statement output once monetisation ramps.
- Forecast horizon & granularity: Monthly for Years 1–2, quarterly for Years 3–5. Five-year forecast is appropriate for a Series B consumer social company.
- Key drivers & assumptions:
- DAU (base):; proxy ~500K–1M DAU given ~1M videos/day and 70+ moments/user/month
- DAU growth rate: +400% y/o/y historically; moderate to 80% Y1 → 40% Y2 → 20% Y3 as base case
- DAU/MAU ratio:; assume 25–35%
- Moments per user per month: 70+; hold flat or grow at +10%/yr
- Monetisation start: assume mid-Year 1 (ads beta)
- Ad ARPU (DAU basis): $0.00–$0.50/DAU/month in Year 1 ramping to $1.50–$3.00 by Year 5
- Ad inventory fill rate: 40% Y1 → 70% Y3+
- Creator subscription / premium tier: model as optional upside scenario only - no evidence in deck
- Gross margin: ~60–70% at scale (cloud hosting/storage/CDN are the primary COGS)
- S&M as % revenue: 30–40% early, declining to 15% by Year 5
- R&D as % revenue: 35–45% early
- G&A: 10–15%
- Cloud/storage COGS per video: key unit cost driver - assume $0.001–$0.002 per video clip stored/served
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: DAU growth decelerates to 20% by Y2; monetisation delayed 12 months; ARPU $1/MAU/yr by Y5.
- Base: DAU grows 80%/40%/25%/15%/10%; ads launch mid-Y1; ARPU ramps to $2.50/MAU/yr by Y5.
- Bull: DAU sustains 100%+ growth Y1–Y2 (continued organic virality); early brand partnership revenue; ARPU hits $4+ via premium tier; potential licensing/SDK revenue from game studios.
- Required sheets / outputs:
- Assumptions dashboard (all toggle-able drivers)
- DAU/MAU/engagement build (monthly)
- Revenue model (ad impressions × CPM, or DAU × ARPU)
- COGS detail (storage, CDN, compute per video)
- P&L (Income Statement, 5-year monthly/quarterly)
- Simplified Balance Sheet (working capital, equity raises)
- Cash Flow Statement (operating + financing)
- Runway / burn bridge (critical given pre-revenue stage)
- Scenario toggle (Bear / Base / Bull)
- KPI summary output page (DAU, MAU, videos/day, ARPU, revenue, EBITDA margin)
Frequently asked
Is the Medal.tv financial model free?+
Yes. The Medal.tv 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 Medal.tv'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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