FlexTV: Owner, Prices and Revenue

Who Owns FlexTV

The US App Store and Google Play both list YUDER PTE. LTD. as the seller, and the Google Play listing gives an address on Kaki Bukit Avenue 4, Singapore. Mega Matrix's latest interim filing names the same company: “Yuder Pte. Ltd., a Singapore corporation, which operates FlexTV, our short drama streaming platform” (6-K of 1 October 2026).

Mega Matrix Corp. was the listed company until October 2024, when the group moved its seat to the Cayman Islands and the new parent took over the listing. The group also runs a second strategy that has nothing to do with drama. Since 2025 it holds digital assets, first bitcoin and ether, then stablecoin governance tokens, and in September 2025 it registered a $2B universal shelf with the SEC to fund that strategy (6-K of 4 September 2025). FlexTV remains the only source of revenue. A 1-for-20 reverse share split took effect on 15 September 2026 (6-K). Series-level coverage of the app lives on verticaldrama.tv.

FlexTV Prices

In-app purchases listed on the US App Store, checked on 10 November 2026:

Sources: US App Store listing (10 November 2026). The store shows ten price tiers at most, not the offer each user is shown. Google Play gives a range of $0.49 to $299.99 per item, which suggests that the App Store list is not complete.

The 2025 annual report says users “can subscribe to FlexTV memberships on a weekly, monthly, or annual basis”, but no annual plan appears among the offers listed on the US store. At $29.99, the weekly plan costs $10 more than DramaWave's weekly membership, and the same as MoboReels' Weekly VIP, whose Monthly VIP is also $49.99.

FlexTV Revenue

Mega Matrix reports one operating segment, and its three revenue lines (in-app purchases, advertising, licensing of the dramas it produced) all come from FlexTV. The group's revenue is therefore FlexTV's revenue, a reading the filings support without stating it in those words.

Sources: Mega Matrix Inc. 2025 annual report (Form 20-F), filed on 16 April 2026 and audited by Audit Alliance LLP; interim financial statements for the six months to 30 June 2026, filed on 1 October 2026.

The 2025 net loss was $34.3M, against $10.5M in 2024. Most of it does not come from running the app: $19.4M of share-based compensation and a $5.5M fall in the fair value of digital assets. Adjusted EBITDA, a measure defined by the company, was −$5.6M in 2025 after −$7.1M in 2024. The net loss for the first half of 2026 was $6.3M.

Advertising spend, the cost of buying users, fell from 62% of revenue in 2024 to 47% in 2025 (6-K of 16 April 2026), then to 43% in the first half of 2026. Revenue fell over the same periods.

Users, Payers and Catalogue

Mega Matrix counts users month by month and adds the twelve months together. The totals below are therefore user-months, not unique users.

The production model changed in 2025. The annual report says the company scaled back its own drama production from May 2025 and turned to acquired content. In March 2026 it announced first tests of AI-generated dramas for the second quarter, with wider use targeted for the second half of 2026. MIT Technology Review went further in May 2026 and wrote that FlexTV “halled all traditionally shot productions and shifted entirely to AI-generated dramas”. The filings do not say that.