financials / private + confidential
| $ in millions | yr1 | yr2 | yr3 | yr4 | yr5 |
|---|---|---|---|---|---|
| agency (retainers, production, events) | 1.60 | 4.50 | 7.80 | 11.00 | 14.50 |
| creator clubhouses / studios | 0.00 | 1.00 | 3.00 | 5.50 | 8.00 |
| owned ip + platform equity | 0.00 | 0.60 | 2.20 | 4.50 | 7.50 |
| membership circle | 0.00 | 0.10 | 0.40 | 0.80 | 1.20 |
| total revenue | 1.60 | 6.20 | 13.40 | 21.80 | 31.20 |
| ebitda | 0.43 | 1.86 | 4.61 | 8.21 | 12.46 |
| ebitda margin | 27% | 30% | 34% | 38% | 40% |
The agency is the floor, not the ceiling. Retainers, production, and events are all inside the agency line, because that is what we actually sell today. It is the repeatable engine, and it is already transacting. We run it at honest pod-model margins of 27 to 33 percent, built on client-facing people supported by offshore depth and AI agents our own team built, not a bloated in-house team. That efficiency is why the margin holds as we scale.
The ecosystem is the upside. Creator clubhouses and studios (partner-funded, the kind the Roblox CEO described wanting worldwide), owned IP and platform equity (micro dramas, documentaries, features, and equity seats in platforms like the one we are building with bumpp), and an invite-only membership circle. These stack on top starting year two, as the raise funds the infrastructure, and they carry blended margins up because owned IP and equity are higher-margin than services.
By year five the agency is still roughly $14m, but it is 46 percent of the business rather than all of it. That is the point: the agency proves the model and funds the build, the ecosystem is where the value compounds.