03
SECTIONS 5 & 6
The Slovenia Master License
The Master License grants exclusive rights to operate the Monamedia brand, technology and business model across the entire Republic of Slovenia.
5.1 · The Slovenian market
Slovenia's advertising market is compact, competitive, and already digital-led, while more than half of that digital spend still leaves the country. In 2025 the total market reached €212.6 million (Mitja Tuškej / Formitas, cited by IAB Slovenia). IAB Slovenia AdEx puts digital at €106.7 million (+13.6%), the largest channel for a third consecutive year, at almost 45% of the total-market estimate. Linear TV is about one third. This is the space in which theFIVE™ is positioned: verified local attention that a Meta or Google buy cannot substantiate, and that stays inside the Slovenian economy.
€212.6m
2025 total ad market (Tuškej / IAB)
2.14m
residents (SURS, 1 January 2026)
1
exclusive territory. Italy, Austria, Hungary, Croatia: other licensees, out of scope
+13.6%
digital spend, 2024 → 2025 (IAB Slovenia AdEx)
The user territory is the Republic of Slovenia: 2,135,107 residents (SURS, 1 January 2026). A user residing in Italy, Austria, Hungary or Croatia remains within their own licensee's territory. This license confers exclusivity in Slovenia. It does not extend to neighbouring countries.
Commercial development in Slovenia is relationship-driven, across retail, energy, banking, telecoms and insurance. Mercator, Spar, Petrol, NLB, Telekom Slovenije, Zavarovalnica Triglav, Lidl and Hofer form an identifiable, solvent pool, accustomed to defending advertising spend before a board. This dossier does not claim these organisations as existing clients. It records that they are identifiable.
Worldwide digital share of total media ad spend (eMarketer, Worldwide Ad Spending Forecast, various years): 43.5% (2018), roughly 50% (2020), roughly 66% (2022), and more than 75% for the first time in 2025. Slovenia digital share of the total-market estimate: first exceeded 40% in 2024 (AdEx, overtaking linear TV) and almost 45% in 2025 (IAB Slovenia). Comparable Slovenia shares for 2018, 2020 and 2022 are not plotted; they are not published on the same total-market basis. IAB digital euros (2018: €54.7m; 2020: €61.3m; 2024: €94m; 2025: €106.7m) are a different series and are not mixed into this chart. The two share series do not share the same perimeter. The chart shows the gap.
5.2 · What the License Includes
- Exclusive Slovenia territory, with no internal competition from another licensee.
- Immediate launch on a platform already in production (app, dashboard, back office).
- No technical development to fund, and no platform setup fee. Local go-to-market cost (sales, users, merchants) remains the licensee's.
- A fully scalable model developed at the licensee's own pace.
- The Monamedia brand only. The licensee does not operate under its own local brand.
- Dedicated account manager, real-time dashboard, Attention Store access, and the Monamedia anti-fraud engine.
- Full access to the whole ecosystem described in Chapter 2.
- Six pillars are live. MonaMatch (pillar 07) is planned, not yet active. The license does not depend on it to launch.
5.3 · License Cost
€60,000
Master License, Slovenia territory (one-time payment)
This one-time fee covers territorial exclusivity, access to the technology and the brand, and launch support. It does not include ongoing local operating costs (marketing, sales team, and similar), which remain the licensee's responsibility. At Slovenia's scale, €60,000 is an exclusive-territory entry fee, sized to the market.
In active mode, the breakeven threshold on the €60,000 entry fee stands at approximately €111,300 of Territory Revenue: roughly 37 EventPacks at €3,000, or about 0.05% of the 2025 total market. The fee is not a commercial discount. It is calibrated to the actual scale of the territory.
5.4 · Key terms, fixed before payment
- Term and renewal: duration, renewal, and the exclusivity window are written into the license agreement before the €60,000 is paid. These elements are not left implied.
- Revenue Target: the performance bands in Chapter 5 are measured against a Territory Revenue target agreed in that same contract. This dossier does not set that figure. It is agreed in the contract before signature.
- Territory: the Republic of Slovenia, based on the user's residence. A resident of Italy, Austria, Hungary or Croatia is not in this license.
- Passive mode: the 20% sales commission is paid to whichever independent commercial network actually closes the sale (a local network, or a network appointed with Monaco). The licensee still receives 33.9% of Territory Revenue without a local sales team. No network is named in this dossier; it is agreed at signature.
- Disputes: unjustified termination or Step-In is judged by a Monaco court.
- Watch2Help: the automatic donation share funds Slovenian causes, not a Monaco-based charity.
6 · Revenue Split
Monaco HQ collects a 10.0% Master License Fee, a global royalty covering brand, technology, support and global structure. The remainder, 33.9% of Territory Revenue, goes to the Slovenia Master Licensee as base revenue, received even if passive (i.e. sales handled by an independent commercial network). In passive mode, the 20% sales commission is paid to whichever independent commercial network actually closes the sale; that network is agreed at signature and is not named in this dossier. If the licensee is active (running its own local sales force instead of paying an independent network), it additionally captures the 20.0% sales commission. A fully active licensee can receive up to 53.9% of Territory Revenue. The remaining balance, roughly 46.1% passive or 26.1% active, goes to user rewards, Watch2Help, and referral rewards, paid directly to the community and foundations regardless of licensee status.