Angel Studios, known for its values-driven storytelling, takes a significant step by going public, despite facing recent tragedies.
Angel Studios Goes Public Amid Tragedy
The Harmon brothers, co-founders of Sound of Freedom distributor Angel Studios, achieved a long-held dream on Thursday by taking their values-based company public.
Somber Atmosphere at the IPO
Inside the New York Stock Exchange, the atmosphere was subdued. It was September 11, just a day after the tragic shooting of Charlie Kirk, which cast a shadow over the event. Kirk, a conservative activist, was killed at Utah Valley University, located just five minutes from Angel’s headquarters in Provo, UT. CEO Neal Harmon shared that Kirk had a deep appreciation for Angel Studios, stating, “He loved Angel.”
Moving Forward Despite Challenges
Despite the circumstances, Neal Harmon emphasized the need to move forward. “We just got up today and said, ‘You know what? We’re here. Let’s get through it,’” he remarked. He reiterated Angel’s mission to tell stories that amplify light and are values-driven, aiming to create a better world for future generations.
IPO Details and Market Outlook
The IPO followed a SPAC merger, valuing the company at approximately $1.6 billion. The Harmons noted they were not focused on stock prices, with President Jordan Harmon advising the engineering team to delete their stock apps. The stock closed at $13, an 8% increase from its opening, but below its intraday high of over $20.
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Angel Studios’ Unique Approach
The Harmons clarified that Angel Studios should not be viewed through the lens of any single property or franchise, despite the success of Sound of Freedom, which grossed over $250 million worldwide. “People shouldn’t be watching the box office for Angel’s success,” Neah Harmon stated, emphasizing their focus on timeless values and storytelling.
Innovative Business Model
Jeff Harmon described the company’s approach as a “base-hits box office model,” contrasting it with the home runs typically sought by other studios. In addition to feature films, Angel Studios produces episodic series, including the popular Bible-based show The Chosen.
The Angel Guild: A Unique Asset
Angel Studios boasts a unique asset in the form of the Angel Guild, which has expanded to 1.5 million paying members. For monthly dues of $12 to $20, members gain access to content development and screenings. “We believe that the Guild will discover the 21st-century version of The Sound of Music or Casablanca,” Neal Harmon stated.
