Angel Studios, The Streaming Platform Behind ‘The Chosen’, Raises $ 47 Million Led by Gigafund to Give Hollywood Remake | national news
PROVO, Utah, January 5, 2022 / PRNewswire / – Angel Studios, the streaming platform behind the most successful crowdfunded shows of all time, raised $ 47 million to return control of the entertainment industry to consumers and creators. The round closes a year of major return for the co-founders Neal and Jeffrey Harmon, which led Angel Studios to $ 100 million in annual revenue just a year after Disney and Warner Bros. tried to shut down the studio in court.
Funding was led by Gigafund, a venture capital firm that supports the world’s most ambitious and transformative entrepreneurs, and Bain-backed Uncorrelated Ventures, which invests in infrastructure software. Gigafund is known to be one of SpaceX’s biggest investors, as well as other game-changing companies in industries ranging from education and energy to healthcare and housing. Original seed investors Alta Ventures and Kickstart Fund also participated. In addition to the venture capital funding, five million of the investment round was funded directly by fans of Angel Studios.
“Angel Studios helps creators build a direct relationship with their fans and produce meaningful and compelling content for the hundreds of millions of people who have been underserved by the entertainment industry,” said Stephane Oskoui, Managing partner of Gigafund. “We believe Angel is on the right track to rewrite the rules of the media industry and have a significant impact on culture.”
Today’s cinema is a 280 billion dollars industry almost totally controlled by big five Hollywood studios. Studio executives decide what content to produce in closed meeting rooms, with little or no input from consumers. Thus, nearly 80% of films that Hollywood thinks audiences want to see them fail to break even every year, when real audiences rarely get the chance to enjoy the stories that mean the most to them. The studios are building on a few major successes to maintain the status quo.
Angel Studios is a community film studio that allows audiences to decide what content is produced and distributed, while building communities around each project. Creators pitch projects on the Angel Platform, and “Angel Investors” fund the ones they are most eager to see (through the Angel Funding Portal). In post-production, content is delivered straight to viewers and goes viral as fans share it with others.
“On Angel’s community and streaming platform, artists respond to audiences, not to one Hollywood studio, “said Angel, co-founder and CEO Neal Harmon, “As our creators reverse that of hollywood abysmal 80% failure rate, the audience will win. “
Model Angel has already produced three of the most successful crowdfunded shows of all time, including:
- The chosen one, the # 1 crowdfunding-funded media project in history, viewed over 300 million times to date, with a special in theaters this Christmas.
- Comedy at the dry bar, the # 1 stand-up comedy channel for families, is currently in its eighth season with one billion views per year.
- The wing feather saga, the world’s first crowd-funded animated show for children, currently in production.
With this latest round of funding, Angel plans to continue to improve its streaming platform, market to new audiences, and grow its content pipeline for 2022 and beyond.
“This increase gives us more than funding; it gives us key strategic partners,” said Harmon. “Gigafund and Uncorrelated will help us achieve our long-term mission of reshaping the entertainment industry and freeing creators and their fans to enjoy the content they find most important.”
About Angel Studios
Angel Studios’ mission is to be the home of stories that amplify the light. Angel’s crowdfunded studio platform serves audiences who have been overlooked by Hollywood and other media conglomerates. At Angel Studios, “angel” investors choose the titles that will be created, funded and distributed. Started by the original founders of VidAngel, fans can read more about Angel.com
Gigafund is a venture capital firm that supports the world’s most ambitious and transformative entrepreneurs. Gigafund was founded by former Founders Fund partners Stephane Oskoui and Luc nosek and see you $ 2 billion in assets under management. Gigafund’s investments include SpaceX, Cover, Luminous Computing, The Boring Company, Veryable, Last Energy and Sana Benefits. More information can be found at Gigafund.com.
About Uncorrelated Firms
Uncorrelated Ventures was founded by Salil Deshpande with support from Bain to focus on infrastructure software, both traditional and decentralized. Deshpande was on the Forbes Midas list of the 100 Best Performing Venture Capitalists in the World in 2013, 2014, 2015, 2016, 2017, 2018 and 2019, and 9th on the 2021 Business Insider Seed 100 list of the best startup investors in the world. all the time. Deshpande has invested in several successful market models including Lending Club, Upgrade, Pipe, Lyte, AngelList India and now Angel Studios. More than Uncorrelated.com.
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SOURCE Angel Studios