Angel Studios CEO Outlines Audience-Driven Model, Licensing Push, and Path to Profit

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In a discussion at the Southport Acquisition Conference, Angel Studios CEO and co-founder Neal Harmon outlined how the company's audience-driven model differs from traditional streaming platforms, why it is expanding its content mix, and how management is thinking about profitability, theatrical releases, licensing, and eventual international growth.

Why it matters

Angel Studios' unique model of audience-led programming through its 'Angel Guild' community sets it apart from mainstream streaming platforms, as the company focuses on values-driven content selection and revenue-sharing with creators. As Angel Studios expands its genre offerings and licensing partnerships, it aims to build a sustainable, profitable business in the growing global TV and streaming market.

The details

Harmon described how Angel Studios' 'Angel Guild' of 2.2 million members votes on which projects the company can distribute, resulting in the highest audience scores on Rotten Tomatoes compared to major streaming platforms. The company is expanding beyond a 'faith-based' label, with a diverse slate including kids content, romantic comedies, thrillers, animation, and historical dramas. Angel Studios is also focused on profitability, guiding to an adjusted EBITDA loss of less than $25 million this year, and is selectively acquiring high-performing titles while primarily partnering with third-party creators. The company is now expanding into licensing content from major studios' libraries as it looks to double its library in 2023.

• Angel Studios was created as a 'response to Hollywood getting increasingly out of touch' with mainstream audiences.
• The Angel Guild has 2.2 million members as of the time of the conference.
• Angel Studios expects to double its library again in 2023.
• Angel Studios is guiding to an adjusted EBITDA loss of less than $25 million for the current year, compared to a $138 million loss last year.

What they’re saying

What’s next

Angel Studios is expected to announce large master licensing agreements with major content providers this year as it continues to expand its library and distribution partnerships.