Midjourney Revenue: a bootstrapped number, graded

The best-supported figure is $300 million of revenue in 2024 — put on the public record by Disney's lawyers, not by Midjourney. The company has never announced a revenue number, in any year, to anyone. One flag before you read on: our index holds no cases built on Midjourney, so there is no table of apps earning money on it here — just Midjourney's own money, graded, plus five indexed AI-image businesses whose numbers we do hold.

Contents

• ·How much revenue does Midjourney make?
• ·Which Midjourney figures are public, and how good is each one?
• ·Why is the best revenue figure written by the people suing Midjourney?
• ·Is Midjourney really an 11-person company?
• ·What is still not public?
• ·What does this mean if you are building AI image products?
• ·Verdict: which number should you quote?
• ·Frequently asked questions

How much revenue does Midjourney make?

Roughly $300 million in 2024. The figure comes from the copyright complaint Disney and NBCUniversal filed on 11 June 2025, was repeated in Warner Bros. Discovery's September 2025 complaint, and has never been publicly disputed by Midjourney. Nothing more recent exists on the record.

Three grades run through this page. Company-stated means Midjourney or founder David Holz said it out loud. Reported by press means a credible outlet published it, usually from a court document. Third-party estimate means an outside firm modelled it — I have used none, because every "Midjourney statistics" page selling a 2026 number models from these same two lawsuits.

Sit with the staleness: the freshest revenue figure for one of the world's most-used AI products describes a year that ended two years ago. That is what a company with no investors to update looks like.

Which Midjourney figures are public, and how good is each one?

Seven figures are worth quoting, from two places: a 2022 founder interview and a pair of 2025 Hollywood lawsuits. Nothing in between, nothing since, and no audited total — Midjourney files nothing.

Across five years Midjourney has put its name to a headcount, a price list, and the word "profitable" — never a dollar of revenue. That is a posture, not an accident.

Why is the best revenue figure written by the people suing Midjourney?

Because they are the only parties with both the incentive and the discovery power to put a number on the record. Studios claiming statutory damages need to establish commercial scale, so the complaints quantify Midjourney's business in a way the company never has. That makes the figures usable, and biased in a known direction.

Pleadings are not gossip: lawyers sign them, and a defendant who thought the figure wildly wrong would normally say so. Midjourney has not. So $300 million beats a data-broker estimate and loses to a company disclosure.

Then the trap most aggregators fall into. Warner's September 2025 complaint repeats Disney's June 2025 pair exactly, and two lawsuits quoting one number is not two confirmations. Treat it as one source cited twice.

A wording problem nobody flags: Variety reads Disney's complaint as 21 million *users*, IPWatchdog reads Warner's as 21 million *subscribers*. For a freemium-adjacent product, the gap between those two words is the whole business.

Is Midjourney really an 11-person company?

Nobody outside the company knows, and the famous stat is a mashup. "11 full-time staff" is an undated line on Midjourney's own website; the $300 million describes 2024. Divide one by the other and you get the viral "$27 million per employee" claim, which no source supports.

What is established: in August 2022, weeks into open beta, Holz told The Register the company was "about 10 people," self-funded, with "no investors," and "already profitable." Dated, company-stated, and remarkable on its own terms.

Headcount today is not established. Third-party trackers say 40, 60 or 160; none cite a company source, and they disagree by a factor of four. The honest sentence: Midjourney was a ten-person profitable company in 2022, and its size now is not public.

What is still not public?

Everything that decides whether the revenue is good revenue: no gross margin, no GPU cost per image, no churn, no paid-versus-free split, no operating profit, no litigation reserve, and no revenue figure for 2025 or 2026.

One piece of arithmetic, labelled as arithmetic. Pair the complaints' own numbers — $300 million against nearly 21 million users in late 2024 — and you get about $14 per user per year against a $10-a-month cheapest plan. That division is mine, not a source's. It puts the paying share of those 21 million in the low single digits to low teens.

What does this mean if you are building AI image products?

Copy the distribution lesson, not the org chart. Midjourney's replicable move was shipping inside Discord instead of building an app, and charging from day one. The AI-image businesses in our index win on where they sell, not on model quality.

• ·[PhotoRoom](/projects/photoroom) — $220 million a year with 50 people, ✅ verified hard data, the highest-graded AI image business we hold. It sells to shop owners who already have revenue, so the subscription pays for itself. More in PhotoRoom revenue.
• ·[nano-banana.ai](/projects/nano-banana) — roughly $115,000 net profit in a single month (📎 creator-relayed), from registering a viral model's exact-match domain twelve days before Google shipped it. Distribution arbitrage, zero model work.
• ·[Retake AI Selfie Editor](/projects/retake-ai-selfie-editor) — about $2 million a month (📎 creator-relayed, citing Sensor Tower), a thin wrapper over a few photo APIs, scaled on before-and-after Facebook creatives.
• ·[PhotoAI](/projects/photoai-tiktok-influencer-mrr-jump) — MRR went from $12,000 to $40,000–50,000 after one TikTok influencer post (🗣 founder-reported). Press coverage did nothing.
• ·[Wombo / Dream](/projects/wombo-dream-viral-ai-apps) — about $50,000 a month at peak (📎 creator-relayed) on 250 million downloads. Reach is not revenue.

Grades matter more than dollar signs: ✅ third-party verified, 🗣 founder-reported, 📎 creator-relayed. Only PhotoRoom carries the top grade, and it is the one that most resembles Midjourney. The rest of the ledger is in revenue reality.

Verdict: which number should you quote?

Quote "$300 million in 2024, as alleged in the Disney and Warner copyright complaints," and keep the word "alleged" in. If you need something Midjourney stands behind, the clean options are "profitable at about ten people in 2022" and "subscriptions from $10 to $120 a month."

Do not write "Midjourney makes $300 million a year." The figure is two years old, it came from opposing counsel, and the only company that could confirm it has spent five years declining to discuss revenue. The bootstrapped story is the best-evidenced thing about Midjourney; the revenue is the least.

More in [revenue reality](/blog/revenue-reality): PhotoRoom revenue · ElevenLabs revenue · HeyGen revenue

Frequently asked questions

What is Midjourney's revenue?

The best-supported figure is $300 million for calendar 2024, alleged in copyright complaints filed by Disney and NBCUniversal in June 2025 and by Warner Bros. Discovery that September. The same filings put 2023 revenue above $200 million. Midjourney has never published a revenue figure itself, and nothing exists for 2025 or 2026.

Is Midjourney profitable?

Founder David Holz said the company was "already profitable" in an August 2022 interview, when it had about ten staff and no investors. Press coverage has since described it reaching profitability within a year of founding. No margin or profit figure exists for any year, so treat profitability as directionally established and numerically unknown.

How many employees does Midjourney have?

Not publicly known. The widely quoted "11 full-time staff" is an undated line from Midjourney's own website, repeated in 2025 lawsuit coverage. Holz said "about 10 people" in August 2022. Third-party trackers offer 40 to 160 with no company source and no agreement, so any revenue-per-employee claim rests on a guess.

Why do Midjourney revenue estimates vary so much?

Because almost all of them extrapolate from the same two lawsuits. Sites take the 2024 figure, apply an invented growth rate, and publish a 2025 or 2026 run rate with no new evidence behind it. When a page quotes a Midjourney number without naming a filing or an interview, it was modelled, not reported.