Gigafund, the venture capital firm behind Elon Musk's SpaceX, has provided the financing of this enterprise, hoping to return control of the entertainment industry to consumers and creators.
Neal and Jeffrey Harmon, who created Angel Studios, have earned over $100 million in annual revenue in just one year, after they were hit by Disney and Warner Bros. with a copyright infringement lawsuit over their entertainment platform, VidAngel. The platform was launched back in 2013, aiming to help families filter out language, nudity, violence, and other content from movies and TV series.
It is known that Gigafund invested the largest sum of money in Angel Studios' new venture. Among other supporters of the studio is original seed investors Alta Ventures and Kickstart Fund. Notably, $5 million was received from the fans of Angel Studios.
WATCH: NICOLE WALLACE AND THE END OF DEMOCRACY
For all these organizations and people behind them believe the distribution company is capable to make a change for better in the entertainment industry.
CEO Neal Harmon is in charge of the next season since Angel Studios is getting ready to distribute the whole 300 titles. The products of the next few years are expected to be of the same quality as ‘The Chosen.’ According to Stephen Oskoui, the managing partner of Gigafund:
EIGHT U.S. NEWSPAPER PUBLISHERS TAKE ON AI GIANTS IN BRAZEN LAWSUIT
“Angel Studios helps creators build a direct relationship with their fans and produce meaningful and compelling content for hundreds of millions of people who have been underserved by the entertainment industry. We believe that Angel is on track to rewrite the rules of the media business and have a significant impact on culture.”
YIKES! IS MARJORIE TAYLOR GREENE LOSING HER 'GRIP' IN POWER STRUGGLE?
As mentioned in its description, Angel Studios is a ‘community-driven movie studio that empowers audiences to decide what content gets produced and distributed while creating communities around each project.’ The Angel platform gives creators the option to pitch content and ‘Angel investors’ are supposed to support the ones they anticipate the most.
WATCH: FETTERMAN CONFRONTED BY A PRO-HAMAS ACTIVIST
Based on the success of their projects, as soon as the credited content is funded and ready, the viewers will help it go viral. In accordance with the statement made by Neal Harmon:
“On Angel’s community and streaming platform, artists answer to audiences, not to a Hollywood studio. As our creators invert Hollywood’s abysmal 80 percent failure rate, audiences will win. This raise gives us more than funding; it gives us key strategic partners. Gigafund and Uncorrelated will help us realize our long-term mission of remaking the entertainment industry and freeing both creators and their fans to enjoy the content that they find most important.”
TESLA IN TURMOIL: MUSK OUSTS TOP EXECS AND PREPARES FOR MASSIVE LAYOFFS, WHAT'S HAPPENING?
Angel Studios is currently looking forward to proceeding on completing with the $280 billion Hollywood entertainment industry, which is, notably, almost completely controlled by five major studios. As reported by the company’s representatives, after the ongoing round of funding, the studio ‘plans to continue improving its streaming platform, market to new audiences, and develop its content pipeline for 2022 and beyond.’
Discover alternative ideas that will make you think
Engage in mind bending debate
Earn points, rise in rank, have fun
