# Medal.tv Financial Model Medal is a PC/mobile platform for capturing, clipping, and sharing in-game video moments with a social layer built on top. - Canonical: https://finamodel.com/startups/medaltv - Excel download: https://finamodel.com/startup-models/medaltv.xlsx - Category: Media/Gaming - Model type: SaaS ARR / Valuation - Funding round: Series C - Funding: $45M - Founded: 2021 - Geography: Global (slide 04 references "geos"; SDK supports PC and mobile internationally). - Customer: B2C ## About the company 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. ## 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 - 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**: 1. Assumptions dashboard (all toggle-able drivers) 2. DAU/MAU/engagement build (monthly) 3. Revenue model (ad impressions × CPM, or DAU × ARPU) 4. COGS detail (storage, CDN, compute per video) 5. P&L (Income Statement, 5-year monthly/quarterly) 6. Simplified Balance Sheet (working capital, equity raises) 7. Cash Flow Statement (operating + financing) 8. Runway / burn bridge (critical given pre-revenue stage) 9. Scenario toggle (Bear / Base / Bull) 10. KPI summary output page (DAU, MAU, videos/day, ARPU, revenue, EBITDA margin) ## Frequently asked questions ### Is the Medal.tv financial model free? Yes. The Medal.tv 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.