Mirage Digital - Company Analysis
Company Profile
| Attribute | Details |
|---|---|
| Company Name | Mirage Digital LLC |
| Website | https://www.mirage.video/ |
| Type | Digital Content Studio / Syndication Company |
| Investment Banker | Digital Media Capital Advisors |
| Founder | Griffin Haddrill |
| Co-CEOs | Robin Bigge, John Littell |
Business Overview
Mirage Digital is a next-generation digital content studio specializing in content syndication and monetization. The company's core competency is the strategic repurposing and distribution of digital content across multiple platforms to generate perpetual revenue streams.
Tagline: "Turning content into currency. We believe content isn't just creative, it's capital."
Business Model
Revenue Streams
| Stream | 2024A | 2025E | 2026E |
|---|---|---|---|
| FAST/OTT | - | $200K | $400K |
| Direct Brand Sales | - | $165K | $330K |
| $77K | $308K | $771K | |
| Web Syndication | - | $30K | $240K |
| DRM | - | - | - |
| Total Revenue | $1.67M | $2.86M | $4.79M |
Creator Partnerships
- 300+ creator partners
- 50/50 revenue share arrangements (long-term)
- 99% retention rate
Key Metrics
| Metric | Value |
|---|---|
| Total Views | 4 Billion+ |
| Subscribers | 20M+ |
| Minutes Watched | 1 Billion+ |
| Content Library | 10,000+ hours |
| Content Verticals | 20+ |
| Average Age Demo | 16-32 |
| Active Shows | 60+ |
Platform Partnerships
Distribution Partners
| Partner | Type | 2025 PACV | 2026 PACV |
|---|---|---|---|
| ACTVE | FAST/OTT | $120K | $300K |
| Taboola | Web Publishing | $200K | $450K |
| Foundation | FAST/OTT | $35K | $75K |
| Giant | FAST/OTT | $25K | $55K |
| Future Today | FAST/OTT | $10K | $45K |
Strategic Relationships
- Snapchat: Primary publishing partner, Snap Star program lead
- United Talent Agency (UTA): Production and sales partnership
- Samsung TV: Launching June 2025
- Roku: Launching August 2025
Content Portfolio
Notable Creator Partners
| Creator | Followers | Vertical |
|---|---|---|
| REACT | 27M | Variety/Trivia |
| Devour Power | 7.1M | Food/Travel |
| Stiff Socks | 3.2M | Comedy/Podcast |
| Suburb Talks | 2M | Comedy/Podcast |
| Team Liquid | 35M+ | eSports |
| Soft White Underbelly | 1B+ views | Human Interest |
Content Categories
Food, Automotive, Family, eSports, Podcasts, Human Interest, Home, Comedy, Sports, Entertainment
Owned IP
- 100+ original titles ready for pilots
- Notable: "Quiet Corner" (trademark active), "Underrated" (pending sale)
Financial Performance
| Year | Revenue | EBITDA | Margin |
|---|---|---|---|
| 2022A | $1.67M | $1.18M | 70.66% |
| 2023A | $1.30M | $368K | 28.27% |
| 2024A | $1.67M | $822K | 49.09% |
| 2025E | $2.86M | $1.45M | 50.50% |
| 2026E | $4.79M | $2.43M | 50.82% |
| 2027E | $6.81M | $3.41M | 50.08% |
Q1 2025 Highlight: 92% EBITDA growth YoY
Technology Assets
Proprietary CRM (Operational Summer 2025)
- Reporting & Analytics
- Creator Tracking / Usage
- Media Tracking
- Workflow Management
- Release Calendar
DRM Subsidiary
- Pro Tap: Digital Rights Management platform
- Content protection and licensing infrastructure
Distribution Infrastructure
- Multi-platform publishing system
- Content optimization for platform-specific requirements
- Automated scheduling and distribution
Strategic Fit for Sixth Wall
Alignment with Pillars
| Pillar | Alignment | Details |
|---|---|---|
| Pillar 1: Creators | ✅ Very Strong | Creator network, content monetization, rights management |
| Pillar 2: Technology | ✅ Strong | CRM, distribution tech, DRM subsidiary |
| Pillar 3: Brand & Intelligence | ⚠️ Moderate | Brand sales capability, audience data |
Value Proposition for Sixth Wall
Strengths:
- Direct creator relationships (300+ partners)
- Proven content monetization model
- Young demographic (16-32) aligned with creator economy
- Multi-platform distribution expertise
- Proprietary technology in development
- Strong EBITDA margins (~50%)
- DRM/rights management capability
Potential Synergies:
- Creator network feeds Sixth Wall's Pillar 1 strategy
- Distribution expertise enables cross-portfolio content monetization
- DRM technology (Pro Tap) addresses rights management need
- Content library becomes shared asset across holding company
- Platform relationships (Snapchat, Samsung, Roku) provide leverage
Technology Integration Opportunities
| Capability | Current State | Integration Potential |
|---|---|---|
| Creator CRM | In development | Core component of CreatorOS |
| Distribution System | Operational | Shared infrastructure across portfolio |
| DRM (Pro Tap) | Active | Rights management layer for all creators |
| Content Library | 10K+ hours | Monetizable asset across platforms |
Growth Opportunities
- Branded Content Sales - Untapped revenue stream for advertisers
- Web Syndication - 100+ platforms identified, 30 priority targets
- Facebook & YouTube - Underutilized platforms
- DRM Expansion - Grow Pro Tap as standalone product
- Content Marketplace - Shoppable content licensing platform
Risk Factors
- Platform Dependency - Revenue tied to Snapchat and OTT partners
- Creator Retention - Despite 99% rate, key creator departures impact content
- Market Volatility - Ad rates fluctuate (2023 downturn example)
- Competition - Low barriers to content syndication entry
- Technology Development - CRM still in development, execution risk
Competitive Position
Market Position: Leading independent content syndication company
Differentiators:
- Creator-friendly economics (50/50 splits)
- Multi-platform distribution network
- Strategic platform partnerships (Snapchat preferred partner)
- Vertical integration (syndication + production + rights management)
Competitors: Jellysmack, BBTV, Spotter (different models)
Recommendation
Fit Score: 9/10
Mirage Digital represents a strong strategic fit for Sixth Wall's creator-focused holding company strategy. The company directly addresses Pillar 1 (Creators) with its network, content library, and monetization expertise. The proprietary technology in development (CRM) and DRM subsidiary (Pro Tap) provide genuine technology assets. The young demographic alignment (16-32) and platform relationships create foundation for the CreatorOS vision.
Key Due Diligence Items:
- Creator contract terms and transferability
- Platform partnership exclusivity/terms
- CRM development timeline and roadmap
- Pro Tap technology assessment
- Content library rights (owned vs. licensed)
- Key person dependencies (Griffin, Robin, John)