How Angel Studios is Rethinking the Film Industry with Its Unusual Business Approach

Recently making a splash on the stock market, Angel Studios is appealing to investors with a unique model that empowers its streaming audience by giving them a voice in the creative process.

Hailing from Utah, the studio is well-known for producing films and series with Christian themes, such as the unexpected hit from 2023, 'Sound of Freedom,' and the acclaimed series 'The Chosen,' which portrays the story of Jesus Christ.

Angel Studios isn't just synonymous with spiritual content; its name also reflects its set-apart approach to project approval. Subscribers to Angel's streaming service, starting at $12 per month, serve a dual role as investors, having the power to vote on what films are greenlighted.

According to CEO Neal Harmon, the issue isn't with Hollywood's offerings, but rather with the stories that remain untold. Harmon, along with siblings Jeffrey, Jordan, Daniel, and a cousin, founded the company and have proudly maintained their outsider status in Hollywood.

Public Debut and Market Fluctuations

Angel Studios joined the public market through a fusion with Southport Acquisition Corporation, a special purpose acquisition company (SPAC). Since its market debut under the ticker ANGX, the stock has fluctuated between $10.35 and $20.39.

For the first half of 2025, Angel reported revenue of $135 million but also faced a net loss totaling $53.3 million.

Embracing their identity as self-described 'Idaho farm boys,' the Harmons take pride in being disconnected from Hollywood's mainstream, feeling they've uncovered a profitable venture by catering to specific community needs.

Engaging with the Audience

Angel Studios' guiding principle, 'amplify light,' deliberately leaves room for personal interpretation. Jeffrey Harmon elaborates that while some of the 1.5 million Angel Guild members seek religious representation, others desire content deemed suitable for all ages and family viewing.

These guild members not only influence which projects move forward but also provide candid input directly to the filmmakers, resulting in productions that often resonate well with audiences and perform admirably at box offices.

Innovative Revenue Sharing

Angel Studios presents an innovative revenue-sharing model, diverging from the entertainment industry's traditional pay structures. A decade ago, Netflix revolutionized the field with a model that paid flat rates, thereby limiting potential earnings for creators.

In contrast, Angel shares half of the profits from their projects with the creators, providing a rewarding incentive for success. While this model is gaining interest, it has brought about its share of legal challenges and changes in partnerships.

Notable complications include the lawsuit involving Dallas Jenkins, the creator of 'The Chosen,' who claimed Angel breached their agreement. Although Jenkins prevailed, Angel is appealing the ruling. Similarly, Slingshot, the studio behind the animated film 'David,' severed their ties, prompting litigation from Angel.

Recalling their initial foray into the entertainment world with VidAngel, a platform intended to filter content, the Harmons faced legal pushback from Disney, resulting in VidAngel's bankruptcy but ultimately leading to the birth of Angel Studios.

The Future Vision

As detailed by Jeffrey Harmon, Angel's journey as a publicly traded entity represents their foundational mission—their strategy is participatory and community-oriented, enabling audiences to guide creative decisions.