Angel Studios, the streaming platform that made the crowdfunded independent series “The Chosen,” announced on Wednesday that it’s raised $47 million for their service via financing led by the venture capital firm Gigafund.
Angel Studios focuses on creating Christian and family-friendly entertainment, with an emphasis on traditional values. Gigafund is best known as one of the main investors in SpaceX, and managing partner Stephen Oskoui said in a statement that "Angel Studios helps creators build a direct relationship with their fans and produce meaningful and compelling content for hundreds of millions of people who have been underserved by the entertainment industry. We believe that Angel is on track to rewrite the rules of the media business and have a significant impact on culture."
Angel Studios Cofounder and CEO Neal Harmon said that "on Angel's community and streaming platform, artists answer to audiences, not to a Hollywood studio. As our creators invert Hollywood's abysmal 80 percent failure rate, audiences will win."
"This raise gives us more than funding; it gives us key strategic partners," he added. "Gigafund and Uncorrelated will help us realize our long-term mission of remaking the entertainment industry and freeing both creators and their fans to enjoy the content that they find most important."
The press release notes that the platform’s model has resulted in “three of the most successful crowdfunded shows of all time.” Those include “The Chosen,” which has over 300 million views, the series “Dry Bar Comedy,” which has about “one billion views a year,” and “The Wingfeather Saga,” an animated children’s show that Angel Studios describes as “the world’s #1 crowdfunded animated kids show.”
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