Rohan Jain

Dude Perfect raised $100M for global biz expansion. The deal is getting lots of buzz, but our team’s math signals challenges ahead. Let’s break it down… DEAL DETAILS • $100 - 300M growth capital investment • Led by Highmount Capital • Unclear if 100% invested upfront OR draw down of commitment over time • No previous capital raised USE OF FUNDS • Hire mgmt team to expand biz • More live experiences incl int’l tour, consumer products • Grow content formats, frequency, channels, global localization e.g. animation, TV, movies, streaming • Extend brand beyond 5 founders by building talent network • New HQ in Frisco, TX as prod facility and “family-friendly entertainment destination”: – Retail store, podcasts / gaming / fan UGC spaces, trick shot tower, DP museum, mini golf, restaurants – Original plans for 3-story, 30 acre facility est to cost $100M+, 2 yrs to build COMPANY OVERVIEW: Dude Perfect • Digital-native comedy and sports media brand • Faith-based mission: “We’re about giving back, spreading joy and glorifying Jesus Christ”  • Other YouTube franchises: “Stereotypes,” “Overtime”, “Bucket List”  • Media brand also incl books, mobile games, board games and toys, and merch / retail / food and beverage partnerships • 25 current team members PERFORMANCE HIGHLIGHTS • 60M YouTube Followers, 17B views • Est 2024 revenue: $50M per DP • Est 2023 and 2022 revenue: $25M and $20M per WSJ  • Consumer product partnerships incl Nerf toy line, Columbia Sportswear • Partnered with A Parent Media co to launch a streaming service • ESPN “30 for 30” doc premiering at Dallas Int’l film festival • TV series on CMT in 2016, later aired on Nickelodeon • Alternate broadcasts for Amazon’s Thursday Night Football • 4 live nationwide tours as of 2023 ORIGIN STORY • Founded 2009 by 5 friends at Texas A&M • Cofounders = twins Coby Cotton and Cory Cotton, Tyler Toney, Cody Jones, Garrett Hilbert • Started as YT channel featuring trick shot videos INVESTOR OVERVIEW: Highmount Capital • Growth stage and middle mkt PE fund for tech, media, healthcare • Founded in 2023 by jason illian and David Hawkins • 4 team members on website + advisor • 3 team members have faith-based ties per bios • No other investments listed on website other than DP My takeaway... I really like and support the trend of increased investment into YouTubers and digital-native media brands. But as I wrote about in my 2024 State of Creator x Media capital markets reports (will link them below), investment must match market and opportunity size. To ensure good ROI, and to set good precedent for future investment into our space. The DP bet is exciting, but could be overly optimistic based on our prelim math. My colleague Michael Booth's post breaks the math down (link below). More analysis to come in my Friday newsletter. —- I’m the founder of RockWater Industries. We do m&a and strategy advisory for media, agencies, and creator economy. My dm’s are open. #media #agency #creatoreconomy

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TikTok ban is jet fuel for $4B Triller / AGBA reverse merger. But this is financial engineering to salvage 2 struggling companies. Retail investors, be wary! Let’s break it down… TARGET: Triller • “AI-powered” music-focused social video platform • Founded 2015 by Bobby Sarnevesht and Ryan Kavanagh • Owns Bare Knuckle league, Amplify.ai, Julius, Thuzio, FITE • Raised $218M+ and TBD debt • Biz model = rev share, ticket sales / PPV / subs / merch, advertising, platform fees • Rapid US and int'l growth via TikTok bans (e.g. India) • 200 est employees PERFORMANCE • 2.2M creators, 450M+ user accounts • 2023 revenue of $45M, down from $54M in 2022 • Q3 YTD showed $104M loss, $378M in debt / liabilities vs $6M current assets • $1M cash & equivalents CONTROVERSIAL HISTORY • 2022 Sony sued for unauthorized music use • 2023 UMG sued for same reason  • Owes music rightsholders $23.6M in unpaid fees • 2022 called off $5B reverse merger with video ad platform SeaChange • 2022 missed M&A payment to Verzuz owners • Filed for NASDAQ IPO in Aug 2023 and Jan 2024 • Reputation for inflating users and usage TARGET: AGBA • Tech-driven wealth mgmt and financial services • 4 biz lines: Platform, Distribution, Healthcare, Fintech  • Founded 1993 by TBD • Focuses on the Guangdong-Hong Kong-Macao Greater Bay Area • Biz model: interest income, commissions, asset mgmt fees • Publicly listed on NASDAQ, holding co registered in BVI, operates in HK  PERFORMANCE • Stock fell 80% 4Q 2022, has traded < $1 since July • $140M market cap, $19M of cash ($17M is restricted), $18M debt • 400k individual and corp customers • 2023 revenue of $54M, up 74% YoY, but a loss of $43M • 176 est employees DEAL DETAILS • All stock deal, AGBA acquiring Triller in reverse merger • New combined AGBA will be 80% owned by current Triller stockholders and RSU holders • Current AGBA shareholders will own 20% of new combined co • Expected May close VALUATION • Triller at $3.2B and AGBA at $800M, for $4B total • …BUT seeking alpha estimates as of 4.23 AM stock price, Triller’s real valuation is $1.3B •….and based on TikTok share repurchase valuation of 17x revenue, implies $765M Triller valuation • As of 4.23 AM stock trading at $2.40, up 500% from $0.40 the day pre announcement DEAL RATIONALE / SYNERGY • Leverage Triller’s large social audience to drive traffic to AGBA’s financial services and create more engagement via live events, webinars, etc  • Create personalized AGBA financial services via Triller user analytics and insights • But IMO here’s the real angle… • “access public capital markets and secure the liquidity needed for rapid growth” – aka a cash grab from retail investors • Triller is being aggressive when competitor TikTok faces US regulatory challenges (senate vote is today, Tuesday!) More analysis to come in my Friday newsletter! --- I’m the founder of RockWater Industries. We do m&a and strategy advisory for #media #agency #creatoreconomy. DMs are open.

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Silicon Valley pickup lines: 😂😆🤣 "Hey baby, I'll show you my slide deck ANY time." "I specialize in handling big funds." "Can I see your cap table tonight?" "Wanna come back to my place and...play with my demo?" "I need your hot startup in my investment portfolio." "I'm the best around at raising seed funds." #FridayFun #investing #startups

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🙏 A Big Thank You to Our Friends at Tekkie Pinas! 🙏 Grateful to Mark Anthony Wagan for this fantastic article on the recent launch of the Kaia Mainnet. 🎉 It’s exciting to see our efforts being recognized as we continue to push the boundaries of Web3 with LINE’s NEXT WEB SDK. Check out the full article to learn more about how Kaia is set to reshape the future of blockchain. 👉 https://lnkd.in/eSKQMyDu #JBlaze #KaiaBlockchain #MainnetLaunch #Web3 #TekkiePinas #Innovation #Blockchain

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It has been a challenge for me to balance business school and Equinox BD's consulting work over the past several months. BUT THERE IS ALWAYS GOOD NEWS THAT FOLLOWS. One of the critical strategies we've found immensely beneficial is customizing plans to optimize Steam Pages for the Chinese audience and collect wishlists for games strategically. 📈 As wishlists play a pivotal role in attracting publishers and investors, mastering effective engagement and wishlist collection tactics is paramount in today's competitive landscape. At EquinoxBD, we always strive to exceed expectations. We have established strong relationships with local curators and communities in China, which allows us to provide our partners with personalized event-planning services. This translates into tangible benefits for our partners without the delay typically associated with conventional market consultancy and business development.💼 Send me a message here or to my email: [email protected] if you're interested in learning about collecting wishlists in China. #GamingIndustry #ChinaMarketConsulting #OptimizeYourPresence #EquinoxBD #GamingCommunity #BusinessExpansion

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More layoffs... Hi-Rez Ventures, developers of Smite 2, has laid off an undisclosed number of employees. CEO Stewart Chisam announced the layoffs on X/Twitter alongside a shift in strategy for Smite 2. "We’re making some difficult but necessary changes to ensure Hi-Rez's long-term success, with a specific focus on positioning Smite 2 for a long and sustainable future," Chisam said. (source: https://lnkd.in/e3mwdJYP) To those impacted please check them out here: 🥇First, reach out to us at People Can Fly Studio, we have many roles open right now in Canada, the UK, Ireland and Europe, please check them out here: https://lnkd.in/eWpV5PbA 🥈Next, Discipline Games Jobs Resources: Over the past months I have created 9 (at time of writing) Games Jobs Resources to find jobs in a wide range of disciplines, and I would urge you to check them out, if anything just to see what would be available to you: https://lnkd.in/ePywd2kq You can find over 6,000 jobs there. 🥉 Third, the Ultimate list of Video Games Career Resources: This should be your one-stop shop for all information. My dear friend Amir Satvat maintains these documents, he is a legend for doing this - please check them out: https://amirsatvat.com/ I urge you to check out the areas in particular about CV support and mentoring, as these will help you no matter what industry you are hailing from or are looking into going next. 🎖 Finally, do not give up. Ever. No matter how dark things may look right now, I KNOW you will get through this, you have got this! 👊 Remember you are not alone. If you need help, advice, or even an ear to listen, we're here for you. Always! ➡ A request to my community, please can I ask you to repost this post to your colleagues and friends, so that we can get as many into jobs as possible! And please comment if you or your studio are currently hiring - let's help each other! Much love ❤️ #hirezstudios #layoffs

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I had a wonderful interview with Stephen Dypiangco, MFA, where we discussed Gamebeast's vision for the future of creators and data tools in the Roblox ecosystem. You can check it out here: https://lnkd.in/g-RJGNDS

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Some takeaways from my conversation with rebel games investor Bertrand Vernizeau of Game Seer Venture Partners: 1) Chasing billion dollar outcomes in games is incredibly challenging in the absence of a new platform driving massive audience growth. This presents a big challenge for mega funds with hundreds of millions to deploy. Funds writing smaller checks under flexible models that allow for faster payback via royalties with an equity kicker have an inherent advantage in the current market. 2) If the product cannot sell itself, marketing is not going to help. Marketing alone cannot create interest - it can only amplify something that is already there. 3) Traditional channels are mostly dead. From the start of development, you have to figure out how your game going to capture attention in the first five seconds of a TikTok clip, because that’s where a lot of your organic audience is going to come from. 4) Attention can be engineered - attributes such as the anticipation of movement combined with the constant delivery of pleasurable stimuli are powerful hooks to create engagement. 5) Team chemistry and a history of working together trumps individual pedigree: a superstar creator is an unreliable guide of future hit making potential, even more so than in other industries such as film and TV. This is because a lot of what makes a game great is the product of many disparate things coming together, not the singular vision of a designer.

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Gaming Founders are always curious about publishing and what they need to keep in mind before approaching the Publishers. This blog's like a handy cheat sheet, covering all the key stuff you can't afford to forget. It's a quick read that'll make sure you're up to speed on the ins and outs of publishing without missing a beat!

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Impactful Biz, Ops & Investment Roles at Early Startups & VCs: • Chief of Staff to Ex. Head of Product at Google • Founding GTM at the most YC product used by other YC companies in the past four years • Chief of Staff to a Partner at a Top-Tier VC Fund • Head of Platform of a NY State Backed Accelerator • Investment Associate at a Seed Stage Fund Investing in Category-Defining Companies • Partner at a Defense-Focused VC Fund • Chief Revenue Officer of a New Space Company in El Segundo • Venture Capital Analyst at a fund investing in overlooked geographies • Investment Associate at a Spirit-Focused Fund • Strategy & Ops Lead at a Company Focused on Helping Improve Autism • Senior Product Manager at a Company Focused on Building Shopify for Content Creators • Program Manager for a Space Security Company • Open-ended Investment Position at a Top-Tier Accelerator • Biz & Ops Lead for One of the Most Loved Digital Consumer Products 💸 All companies are well-funded and backed by top-tier investors. ⬇ You can find links to the roles above, plus many more, in the comments.

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Valuations are starting to (only slightly) be in check. Investors looking for revenue, quality of revenue, margins, and repeatable GTM. This has the best founders focused on what matters, and reaching out to their Boards and advisors for real advice and guidance. Good stuff.

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The Information just broke news of Stripe and it's bold $1.1B acquisition of Bridge. This is exciting and a very bold move that Stripe plans to move further into #crytpopayments and the ability, operationally, to simultaneously speed up #payments and lower costs. What do you think? #management #venturecapital #privateequity #capitalmarkets #fintech https://lnkd.in/gvhjG22g

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Been thinking about this a lot recently: the J-curve for gaming investments. Takes more capital and more time to launch a game compared to a consumer app or LLM-wrapper. This is more similar to biotech or hardtech investing but with less moats (no patents, no capex, Tencent/Netease might fast follow you). A few ideas to ease the curve: - Move faster with AI-enabled production (sfx, vfx, code, 2d assets, video) - Bootstrap to more before raising - Earlier liquidity through pre-sales (kickstarter or NFTs) - Go after high-leverage, multiplayer genres - Playtest earlier to get to retention earlier What else?

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The largest acquisition in crypto history occurred just last month: Stripe's $1.1B deal for Bridge. This isn't just a headline—it's a signal of how payment rails are evolving at the intersection of crypto and traditional finance. This week at Lw3 in Dallas, I’ll be speaking on why this acquisition is more than a milestone—it's a glimpse of the future. Crypto-native payment rails are no longer a niche experiment; they’re becoming foundational to global commerce. At Reciprocal Ventures, we’ve been investing in the crypto payments ecosystem since the early days, partnering with pioneering companies like Coinflow Labs, Higlobe and True Markets. This space has been at the forefront of innovation, and we’ve seen firsthand how scalable, efficient, and transparent payment rails are reshaping the way value moves in a digital-first world. I’m excited to explore what this acquisition means for the growth of this ecosystem and why it's only the beginning of a broader wave of innovation and opportunity. If you’re at Lw3, come say hi. I'll be with Steven Feldman — we’d love to connect and share ideas.

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Rebuilding a brand in the eyes of marketers and kickstarting sales motion can be tricky. I was fortunate to have received a masterclass during my almost three years at the music app Shazam from my former boss and CRO Greg Glenday in the art of manifestation. For context, Shazam was one of the most downloaded apps in the world reaching hundreds of millions of users but had prior hiccups on scaling advertiser revenue. A bulk of the revenue came from the affiliate business from the streaming services. We needed marketers to rethink how they viewed Shazam and Greg launched the Shazam for Brands concept. It was a simple yet consistent messaging across all of our sales marketing efforts and how we spoke to brands + promoted at all of our B2B efforts. * We showed up in mass at Cannes and in high profile places under Shazam for Brands. We built buzz with products that weren't necessary ad related but allowed us to show innovation and get marketers excited again. * We launched an integration with Snapchat where you could Shazam within their app environment. We demoed this product in every meeting under Shazam for Brands. * We launched a TV show on Fox TV with Mark Burnett and Jamie Foxx called "Beat Shazam." We sold advertiser integrations under the Shazam for Brands banner. * We partnered with AR company Zappar and released AR within the app under the Shazam for Brand moniker. Once we had created market buzz, we introduced a takeover unit and within a matter of months we went from selling banner ad units to high impact takeovers. The business was starting to scale right when we were acquired by Apple. Greg Glenday was relentless in his pursuit of reframing the company as an ad supported marketing leader. I learned a ton about the importance of manifesting the direction you want to take a company. The irony that the Shazam app is now ad free is not lost on me 😁

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