businessrevenueproduction

Money Moves: How Small Production Companies Can Build a £15m-a-Year Revenue Stream

ccourageous

2026-02-08

10 min read

Dissect Goalhanger’s £15m subscription playbook and learn a step-by-step revenue blueprint—subscriptions, events, licensing, merch.

Money Moves: How Small Production Companies Can Build a £15m-a-Year Revenue Stream

Hook: If you run an indie production company and feel stuck between one-off projects, unpredictable ad revenue, and the anxiety of chasing sponsors—this guide walks you through a proven blueprint. By dissecting Goalhanger’s 2026 playbook (250,000 paying subscribers and ~£15m a year), you'll get an actionable roadmap to diversify income across subscriptions, live events, licensing, and product sales so you can build predictable, scalable revenue.

Why this matters in 2026: market shifts you can’t ignore

Late 2025 and early 2026 saw creator monetization consolidate around direct-to-fan models. Platforms matured: subscription adoption became mainstream for audio and video IP, hybrid live shows returned stronger post-pandemic, and licensing markets expanded as publishers sought verifiable content streams. For indie producers this means the moat is built on IP ownership, community, and repeatable productized offerings—not just one-off commissions.

Press Gazette (Jan 2026): Goalhanger now has more than 250,000 paying subscribers, averaging £60/year—roughly £15m in annual subscriber income.

What Goalhanger teaches indie producers (the 30-second model)

Goalhanger’s headline numbers are simple but instructive. With ~250k subscribers paying an average of £60/year, they reach ~£15m in annual subscription revenue. But beneath that are the building blocks any small production company can replicate:

Multi-show network: Diversify IP across formats and hosts so one show’s churn doesn’t collapse revenue.
Clear membership benefits: Ad-free listening, early access to shows, bonus content, newsletters, Discord access, early ticket sales.
Live events pipeline: Member-first ticket access plus broader public ticket sales for additional revenue and audience growth—treat this as a micro-event engine and follow a micro-events & pop-ups playbook to scale safely.
Licensing and partnerships: Audio clips, branded segments, and archives monetized via licensing to broadcasters and platforms.
Productized merchandise: Merch drops tied to show moments and touring schedules, often timed to live events.

How to map this to your production company: the diversification framework

Think of your business as a portfolio: some assets generate predictable recurring revenue, others spike seasonally, and some are long-tail royalties. A balanced model could look like:

Subscriptions / Memberships: 35–50% – monthly/annual recurring revenue
Live Events / Tickets: 20–35% – tours, one-off shows, virtual ticketed events
Licensing & Syndication: 10–20% – clip sales, broadcast rights, podcast networks
Merch & Product Sales: 5–15% – merch, digital products, courses
Services & Sponsorships: 0–10% – bespoke production, brand partnerships

Quick financial modeling (real, usable math)

Aim: Understand how many subscribers or events you need to hit revenue targets.

If you price an annual membership at £60 like Goalhanger, 16,667 subscribers ≈ £1,000,000 / year.
To reach £15m at £60/year: 250,000 subscribers (this is exactly what Goalhanger achieved).
Alternatively, at £10/month (~£120/year): 8,333 subscribers ≈ £1m / year.

Action: Calculate targets based on realistic CAC (customer acquisition cost) and churn. For example, with a £30 CAC and average revenue per user (ARPU) of £60/year, you must prioritize retention to achieve positive LTV:CAC.

Step-by-step playbook to build your own multi-million pipeline

1. Audit and package your IP

List every piece of content you control: full episodes, clips, transcripts, interviews, behind-the-scenes, and event recordings. Convert them into productized assets:

Short-form clips for social and paid acquisition
Exclusive deep-dive episodes as members-only content
Archival bundles for licensing
Workshops or courses derived from show expertise

2. Design membership tiers that scale

Use a simple three-tier structure to maximize conversions and upsells:

Entry Tier (£3–£5/mo): Ad-free access + email newsletter + limited bonus clips.
Core Tier (£6–£12/mo): Early access, bonus episodes, member chat (Discord/Circle), discounts on tickets/merch.
Premium Tier (£30–£100/mo): Exclusive live Q&As, meet-and-greets, VIP ticket access, or proprietary content bundles.

Tip: In 2026, token-gating and dynamic membership passes (Web3-light) can be integrated for premium VIP experiences. But only use crypto when your audience understands it; otherwise, focus on payment frictionless systems (payment & recurring business playbooks like Stripe, Chargebee, Memberful and Supercast continue to dominate).

3. Build a conversion funnel that doesn’t rely on ads

Organic and owned channels outperform paid CAC over time. Funnel stages to prioritize:

Top of funnel: Short clips, SEO-optimized show notes, YouTube repurposes, newsletters.
Middle: Email sequences, free mini-courses, limited-time free episodes to showcase value.
Bottom: Time-limited discounts, first-show free, or trial months to convert listeners into paying members.

Actionable template: Offer a 7-day free trial for the Core Tier while gating one high-value bonus episode behind it. Use email triggers for day 3 and day 6 reminders with testimonials and a direct CTA.

4. Monetize live events as both revenue and acquisition

Live events do more than sell tickets—they convert superfans and generate PR. Follow this sequence:

Pre-sell to members with limited VIP packages.
Open general tickets after member presale to broaden reach.
Bundle merch and backstage content as higher-ticket add-ons.
Record and repurpose event content into member-only episodes or premium clips that can be licensed.

Logistics notes for 2026: hybrid shows (in-person + high-quality livestream) are now expected. Use platforms that support low-latency streaming and integrated ticketing and pair them with secure paywalls (Memberful, Supercast) to prevent leakage.

5. License strategically—don’t give IP away for pennies

Licensing is long-tail revenue that multiplies your work. Pathways:

Syndication deals with larger networks for selected episodes
Clip licensing to broadcasters or sports outlets (especially for sports or evergreen moments)
Archive sales: package seasons or themed bundles for educational or commercial use

Negotiation tips: keep master and publishing rights where possible and license on a term-based basis instead of perpetual transfers. Use sample contracts and attach clear usage limits, territories, and revenue share. If you’re unsure, contract a media entertainment lawyer to audit deals—this one cost can save you six figures later. For pitching and licensing strategy inspiration, see guidance on how to pitch regional docs and series to larger publishers.

6. Productize merch and digital goods for margin-heavy revenue

Merch doesn’t need to be your core revenue driver to be valuable. Benefits include marketing, higher LTV, and event upsells. Launch strategy:

Use print-on-demand suppliers (Shopify + Printful or Printify) for low risk.
Time merch drops to events or viral moments for maximum conversion.
Offer digital downloads—transcripts, templates, remix stems—as additional low-cost items with high margin.

Advanced tactic: limited-run collector drops with signed items, bundled with VIP tickets—these drive urgency and premium price points. Micro-drop strategies mirror playbooks in the viral drops world.

7. Optimize metrics that matter in 2026

Track the following KPIs religiously:

Monthly Recurring Revenue (MRR)
Churn rate (aim < 4% annualized for sustainable growth)
Customer Acquisition Cost (CAC)
Lifetime Value (LTV)
Conversion rates from free to paid and from member to event buyer

Action: Build a simple dashboard (Google Sheets + Stripe + Zapier integration) that updates MRR, active subscribers, churn, and LTV weekly. Knowing these numbers lets you decide when to invest in paid acquisition vs. optimizing retention.

Case study: translating Goalhanger’s tactics to a 5-person production company

Scenario: You have 3 shows with modest audiences (10k downloads/month each). Here's a 24-month road map to reach £1m ARR.

Month 1–3: Audit content and set up membership tiers. Launch Core Tier at £6/month.
Month 4–6: Repurpose clips for YouTube shorts and social. Implement email funnels and a 7-day free trial.
Month 7–12: Host two small live shows and offer member presales. Launch merch tied to event themes.
Year 2: Negotiate 2–3 licensing deals for highlight clips and archive bundles. Ramp paid acquisition once retention improves.

Expected outcomes (conservative): 5,000 paying members at £60/year = £300k. Add live events and merch to push toward £600–800k in year 2. Licensing and partnerships add the remaining £200–400k to hit ~£1m ARR. Scaling beyond that requires either expanding shows, improving ARPU, or investing in paid growth.

Legal, rights, and team considerations

Protect your IP and structure payments clearly:

Contracts with hosts must specify ownership and revenue splits for subscriptions, live events, and licensing.
Music and third-party clip clearances are non-negotiable—budget for rights clearance or use royalty-free alternatives.
Set up proper fiscal entities: a production company can hold IP and licensing revenue while separate entities handle events and merch for liability protection.

Tech stack recommendations for 2026

Pick tools that scale with you:

Membership & paywall: Memberful, Supercast, or a Stripe + custom portal for full control
Community: Discord or Circle for member interaction; integrate with SSO to reduce friction
Payments: Stripe for recurring billing; Chargebee if you need complex billing rules
Podcast hosting & analytics: Transistor, Acast, or Libsyn (choose one that supports private feeds)
Merch & fulfillment: Shopify + Printful / Printify; use a local printer for premium runs
Event ticketing: Dice, Universe, or direct Stripe checkout for hybrid setups
Editing & production: Descript (AI-assisted editing), Adobe Premiere, and batch workflows for repurposing

Advanced strategies and 2026 trends to consider

As you scale, layer in higher-leverage tactics:

Micro-communities: Host show-specific sub-communities to upsell and test new formats.
Data monetization: Aggregate anonymized audience insights (behaviors, engagement) to sell to partners—only with clear consent.
Hybrid intellectual property: Create spin-offs (books, documentary shorts, mini-series) and pre-sell rights to broadcasters or streamers.
AI personalization: Use AI to generate listener recommendations, personalized show clips, and dynamic newsletter content—this improves retention in 2026.
Strategic partnerships: Collaborate with publishers for cross-promotion, or with niche advertisers for sponsor-integrated content that respects the member experience.

Common pitfalls and how to avoid them

Overpromising perks: Give what you can consistently deliver. Under-delivered bonuses kill retention.
Friction at checkout: Reduce steps. Offer Apple/Google/Stripe and local payment methods for lower churn.
Relying on one revenue stream: If you depend solely on ads or one large sponsor, diversify now while you can.
Neglecting retention: Avoid the growth trap of focusing only on acquisition. Consistent content and community are retention’s engine.

Action plan you can implement this quarter

Conduct an IP audit and list 10 monetizable assets.
Launch a three-tier membership with a 7-day trial and one high-value bonus episode.
Plan one hybrid live event and create a presale offer for members.
Set up a merch prototype (3 SKUs) and test via a small drop aligned to the event.
Track MRR, churn, CAC, and LTV weekly—iterate the funnel based on data.

Final thoughts: scale is a product of repeatable systems, not luck

Goalhanger’s climb to ~£15m from subscriptions is not a lottery win—it’s disciplined packaging of IP, consistent community investment, and smart product diversification. For indie producers, the path to predictable revenue is replicable: build membership value, turn events into acquisition engines, protect and license IP prudently, and productize merch and digital goods.

Ready for the next step? If you want a hands-on tool to map revenue streams specific to your shows, grab our free Revenue Model Workbook built for small production teams—template includes membership tier pricing, break-even scenarios, and a 24-month growth plan.

Call to action: Join our next live workshop at Courageous.live to get 1:1 feedback on your membership tiers and a custom event monetization plan. Seats are limited—member presales are prioritized. Click through to reserve your spot and start building a resilient, multi-million revenue engine.

courageous

Contributor

Senior editor and content strategist. Writing about technology, design, and the future of digital media. Follow along for deep dives into the industry's moving parts.