TETelly Financial Model
Media/Gaming Startup Financials (Free Excel Download)
Telly gives away a free dual-screen smart TV and monetises via advertising on the built-in second screen.
professionals from Deloitte
Used by professionals from
About this model
Telly offers consumers a free 55-inch 4K HDR dual-screen television. The main display handles streaming, while the always-on Smart Display shows contextual ads beside personalised weather, news, sports-score, and stock widgets; TellyOS adds games, fitness, voice, guide, and video calling.
Advertising on the second screen is the core business model, using CPM-priced inventory that remains available even when the primary television is off. The company cites a premium living-room CPM of $35-plus. Consumers pay nothing for hardware, so Telly absorbs device COGS and relies on DTC, retail, and strategic distribution partners.
The model should treat household adoption and active screens as the inventory engine, then build impressions, fill rate, CPM, hardware cost, fulfilment, and support. App partnerships, data licensing, and premium platform features are only future possibilities in the research, so they should not be assumed as current 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 Telly
How to build a detailed financial model for Telly
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Telly model - distilled from its pitch deck and publicly available information.
Product & value proposition
- 55" 4K HDR dual-screen smart TV given to consumers at zero cost.
- Primary screen: standard 4K streaming/OTA TV experience.
- Secondary screen ("Smart Display"): always-on bar that displays contextual advertising alongside personalized widgets - weather, news ticker, sports scores, stocks.
- TellyOS: Android-based OS with 8 built-in experiences - Game Room, Fitness (camera-based), Live Actions, Home Feed, Music, "Hey Telly" voice assistant, TV Guide, Video Calling (Zoom integration).
- Hardware specs: 55" 4K HDR display, premium 5-driver soundbar, HD camera, mic array, motion sensor, WiFi + Bluetooth, 3 HDMI / 2 USB inputs, 4K streaming stick included.
- Distribution: Direct-to-Consumer (online), Retail (demos/pickup), Strategic Partners (service providers, housing).
Market
- US ad spend (total, forecasted 2022): $326B.
- Premium living room CTV CPMs: $35+.
- US TV viewing: 5.8 hrs/day per person spent watching TV and digital video.
- Ad-averse consumers: <25% prioritise paying for ad-free plans.
- Smart TVs sold in US (2021): 40M units.
- US households (2021): 120M+.
- TAM (Adults 25+): 180M+.
- Core Target: 107M+ households.
- Segment 1: 65M+, ages 30–44, HHI $70k–$90k; 78% claim highest TV usage.
- Segment 2: 42M+, ages 55–65, HHI $75k; 80% claim highest TV usage.
Revenue model
- Primary: Display advertising on the always-on Smart Display second screen.
- CPM-based inventory sold to advertisers; inventory is available even when the primary screen is off.
- Ad formats: banner/display ads shown alongside personalized widgets; unobtrusive while viewer watches main screen.
- Secondary / future: TellyOS platform monetisation (app partnerships, data licensing, potential subscription upsells for premium features) implied by "back-end focus" framing, but no explicit revenue line shown.
- Hardware: Priced at $0 to consumer; COGS paid by Telly. No hardware revenue.
- Pricing unit: CPM (cost per thousand impressions) - $35+ for premium living room inventory cited as the market rate.
- Channels: DTC online, retail, strategic partners.
Unit economics
- CPM floor: $35+ for premium living room inventory.
Competition / moat
- Incumbents (Roku, Samsung, LG, Vizio, Fire TV) make no margin on hardware and compete on back-end software/ads.
- Telly's moat claim: the only TV with a dedicated, persistent second screen for advertising - competitors' ad surfaces are in-menu or require the TV to be in a specific state.
- Consumer "gimmicks" (curved, 3D, 8K) no longer drive upgrades; Telly positions free-TV as a genuine value unlock rather than a gimmick.
- CEO Ilya Pozin founded Pluto TV (acquired by Paramount; $1B annual revenue, 64M+ users) - direct CTV monetisation pedigree.
- No explicit competitive matrix in deck.
Team & funding ask / use of funds
- Founder/CEO: Ilya Pozin - founded Pluto TV ($1B revenue, acquired by Paramount, 64M+ users); serial entrepreneur, 3 exits.
- CPO: Sascha Prueter (Google).
- Head of Strategic Partnerships: Matt Katrosar (CBS).
- Head of HW Product: John Hwang (Vizio).
- Head of Data Strategy: Bob Ivins (Nielsen).
- Head of Go-to-Market: Tarah Sinovic (Vizio).
- Head of SW Engineering: Eric Loes (Vizio).
- Head of Brand: Mathew Brian (Pluto).
- Head of Logistics: Jared Mellin (Peloton).
- Additional talent from: Roku, Square, IDEO, Meta, Comcast, Mindshare, Amazon, Uber.
Recommended financial model
- Archetype + why: Ad-supported hardware / CTV unit economics model. The business is structurally a two-sided flywheel: subsidise hardware → accumulate hours of TV viewing → sell high-CPM display ad inventory. The correct model combines (a) a cohort-based TV unit deployment schedule, (b) an ad impression yield model (viewing hours × fill rate × CPM), and (c) a hardware COGS / subsidy waterfall showing the payback period per TV. A standard SaaS or 3-statement model alone would miss the hardware subsidy dynamic.
- Forecast horizon & granularity: 5 years (2023–2027); monthly for Year 1 (ramp-up critical), quarterly thereafter.
- Key drivers & assumptions:
| Driver | Value / Source |
|---|---|
| Smart TVs sold in US annually | 40M |
| US households TAM | 120M+ |
| Core target households | 107M+ |
| Market CPM (living room) | $35+ |
| Daily viewing hours per TV | 5.8 hrs |
| Hardware COGS per unit | ~$200–$300/unit based on 55" 4K commodity pricing; major model sensitivity driver |
| Units deployed per month (ramp) | 5k → 50k/month over 18 months; depends on supply chain and marketing spend |
| Ad fill rate | 40% Year 1, scaling to 70% by Year 3; comparable to early-stage CTV platforms |
| Effective CPM realised | $15–$25 net (discount to market rate of $35+; direct-sold vs. programmatic mix) |
| Smart display on-time per day | ~8 hrs/day (on while TV on + always-on ambient mode) |
| Ad slots per hour | 4 display impressions/hr on second screen (conservative; unobtrusive format) |
| Rev share / platform take rate | 100% Telly-owned if direct; 30% give-up if programmatic |
| Churn / TV lifespan | 7-year average TV replacement cycle; minimal churn once installed |
| Operating expense ramp | 80–100 headcount by end of Year 1 based on team slide seniority; $15M–$20M annual burn |
- Scenarios (Base / Bull / Bear - which variables flex):
- Bear: Low fill rate (25%), high COGS ($300/unit), slow unit ramp (10k/month by Month 18), CPM realised $12.
- Base: Mid fill rate (50%), COGS $220/unit, 30k/month by Month 18, CPM realised $18.
- Bull: High fill rate (70%), COGS $180/unit (volume discount), 60k/month by Month 18, CPM realised $25, strategic partnership channel accelerates distribution.
- Required sheets / outputs:
- Assumptions - all drivers above with scenario toggle (Base/Bull/Bear).
- Unit Deployment - monthly TV units shipped, cumulative installed base, cohort table.
- Ad Revenue - installed base × daily hours × ad slots/hr × fill rate × CPM = gross ad revenue per period; net after rev share.
- Hardware COGS - units shipped × COGS/unit = cumulative hardware subsidy; break-even analysis (how many ad-months to recover COGS per TV).
- P&L - Revenue (ads), COGS (hardware subsidy amortised or expensed), Gross Profit, OpEx (headcount, logistics, marketing, tech), EBITDA.
- Cash Flow / Runway - working capital requirements (hardware is cash-out on delivery, ad revenue lags); funding need.
- Unit Economics Summary - LTV per TV (NPV of lifetime ad revenue per unit) vs. COGS per unit; payback period in months.
- Dashboard - KPI cards: installed base, monthly ad revenue, CPM realised, fill rate, cumulative hardware spend, payback month.
Frequently asked
Is the Telly financial model free?+
Yes. The Telly 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 Telly'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
Created by ex-finance professionals
Hey, I’m Alex and I created Finamodel.
Over my years in the finance industry I kept building the same models over and over again. Same structure, same assumptions, different logo. So I started building frameworks to turn them into clean, reusable templates.
Every model here is one I’d actually use for a client, and I personally vet each one before it goes up.
I’m not an expert in every industry, but I’ve built enough models to know what belongs in one. And when something is completely foreign to me, I reach out to my network for experts to work on our models with us.
Having a template library on hand cuts a first build from hours to minutes.
Need help finding your model? You’ll find me in the Finamodel app!
Other Media/Gaming Startup Financial Models
Browse another startup in the same category.
Almost Friday
Almost Friday is a multi-platform comedy/lifestyle media brand built around the "Friday Beers" universe, monetising through apparel, brand partnerships, events, podcasts, and music.
Amagi
Cloud-native SaaS platform for TV/OTT channel creation, distribution, and ad monetization (FAST-focused)
Audoo
IoT + SaaS platform that captures real-time public music performance data and reports it to Performing Rights Organisations (PROs) to enable accurate royalty distribution.
Backbone
Backbone makes a mobile gaming controller (hardware) + unified software platform (Backbone app) that aggregates all game streaming services in one place.
Beacon Pines
Beacon Pines is a cute-and-creepy narrative adventure game set inside a magical storybook, developed by indie studio Hiding Spot Games.
Bear and Breakfast
A management/adventure video game where you play as a bear running a B&B cabin in the woods.
Bioshock
BioShock is a first-person action horror game pitched to a publisher for development funding - a game-development studio deal, not an operating startup.
Button City 2018
Indie narrative adventure game about cute animal kids saving their local arcade, targeting console and PC.
