How the movie and TV studio behind 'Sound of Freedom' is selling investors on its unorthodox business model

"Angel Studios just went public and is selling investors on a business model that gives its streaming subscribers creative control. The Utah-based studio is known for its faith-themed and "values-driven" movies and TV shows, like making the 2023's sleeper box-office hit "Sound of Freedom" and its involvement in the "The Chosen" series based on the life of Jesus Christ. Angel's name isn't only about religion. It's also a nod to its unconventional green-lighting process."

"Angel's streaming subscribers - with plans starting at $12 a month - double as "angel investors" who can vote on what future films get made. "Our problem isn't with what's being made," Angel CEO Neal Harmon said of Hollywood. "It's with what's not being made." Harmon founded the company alongside three of his eight siblings - Jeffrey, Jordan, and Daniel - and a cousin. Neal, Jeffrey, and Jordan spoke with Business Insider about what sets their studio apart, hours after Angel's stock debuted on Thursday. Angel went public through a merger with a special purpose acquisition company (SPAC) called Southport Acquisition Corporation."

"Its stock, which trades under the ticker ANGX, has been volatile since its debut, swinging between $10.35 and $20.39. The company generated $135 million in the first half of 2025, with a net loss of $53.3 million in that span. The brothers, who repeatedly called themselves "Idaho farm boys" during the interview, are proud to be Hollywood outsiders. They believe they've found a lucrative niche in what they're making and how they're making it."

Angel Studios went public via a SPAC merger and now trades under the ticker ANGX. The studio produces faith-themed and values-driven films and series, including Sound of Freedom and involvement with The Chosen. Paying streaming subscribers, with plans starting at $12 per month, serve as "angel investors" who vote on which projects get made. The company was founded by Neal Harmon alongside siblings and a cousin and positions itself as a Hollywood outsider. The stock has been volatile since debut. The company generated $135 million in the first half of 2025 and reported a $53.3 million net loss in that span.

Read at Business Insider