At this year’s MIPCOM, amid the usual swirl of studio executives and format sellers, one conversation captured the industry’s shifting centre of gravity. Tobias Hoss, co-founder of Lunar X, isn’t a traditional producer or distributor. He’s an investor in the creator economy — and he’s betting big that YouTube channels can be the next global entertainment franchises.
“Our thesis is simple,” says Hoss. “We acquire YouTube businesses — not just channels, but the whole operation — and help them grow beyond YouTube.” That means new platforms, new languages, and even new product lines. In other words, Lunar X isn’t just investing in views; it’s investing in IP.
Founded in 2021, Lunar X has quickly positioned itself as one of the few serious players bridging the gap between digital-native creators and mainstream entertainment. Hoss and his team take majority stakes in established YouTube businesses, offering the sort of operational infrastructure — finance, HR, legal, strategy — that most creators lack. The aim is to scale those brands into multi-platform empires.
A flagship example is the company’s acquisition of Theorist Media, the powerhouse behind YouTube hits Game Theory, Film Theory and Food Theory, founded by Matthew and Stephanie Patrick (better known to millions as MatPat and StephPat). Since Lunar X came on board, the company has added new verticals, hosted live events, and launched product lines. “We had a fashion show in Dallas last week,” Hoss says, “where creators showcased their own product ranges. It’s about showing that these creators are entrepreneurs, building beyond content.”
This “product-content flywheel”, as Hoss calls it, lies at the heart of Lunar X’s model. By turning audience engagement into consumer demand — and back again — the company is applying traditional franchise thinking to digital-first IP. Alongside consumer products, Lunar X has moved into music, events, and licensing. A Game Theory-inspired card game, for example, will soon hit retail shelves.
Not every investment sits in entertainment. The firm’s portfolio also includes Economics Explained, a YouTube channel demystifying finance for a global audience. Lunar X helped the team secure a co-production with Curiosity Stream, spin off new language channels, and expand internationally. “It depends on the audience,” says Hoss. “We look at what they care about and how we can build a franchise around that.”
Originally, Lunar X focused on children’s animation, inspired by the billion-dollar exits of Moonbug and Candle Media. But Hoss quickly pivoted away. “We found that our expertise worked better in non-kids content — educational and entertainment formats with a positive impact,” he explains. “We want people to finish a video and feel they’ve learned something. Brand-safe, meaningful content.”
Hoss, a former McKinsey consultant, brings a strategic lens to a sector often driven by instinct and experimentation. “A lot of this is learning by doing,” he admits, “but structure helps. Thinking through what kind of business you’re building, what partners you need, how to professionalise operations — that’s where we add value.”
Valuing creator businesses is still more art than science, but Lunar X approaches it like any private equity deal. “It’s multiple-based,” he says. “A small, single-creator business dependent on one revenue stream might be valued at three or four times earnings. But a diversified, multi-platform operation could be twenty times or more.”
At MIPCOM, Hoss wasn’t just taking meetings with creators but also with traditional media companies intrigued by the YouTube model. “Both sides can learn from each other,” he says. “Creators can learn about franchise building and structured production — how Disney, for example, plans programming years ahead. But traditional players can learn from the agility of creators, how they pilot ideas, analyse data, and iterate fast.”
That cross-pollination, Hoss believes, will define the next phase of the creator economy. “This isn’t a zero-sum game,” he insists. “We see other investors as peers, not competitors. There’s enough space for everyone.”
He points to a future where creators don’t just front brand deals but take equity in the companies they partner with — even joining boards or serving as chief marketing officers. “Creators are becoming true entrepreneurs,” he says. “They’re not just talent anymore; they’re businesses in their own right.”
Goldman Sachs predicts the creator economy could reach half a trillion dollars within a few years. If Lunar X has its way, much of that value will come not from the next viral video — but from turning digital hits into enduring, cross-media brands.
Lunar X executive Indi Sunner will be a speaker on this year’s Digital Content Forum.
