Angel Studios saw investors’ enthusiasm for a “value-based” entertainment strategy in its stock market debut. This says co-founder and CEO Neal Harmon flips the script in the industry’s popular streaming subscription model.
Angel’s shares began trading in NYSE under the “Angx” symbol, “Angx,” after ending its merger with the Special Purpose Acquisition Company (SPAC) Southport Acquisition Corporation, but increased its first day by 8.4% (and an additional 13% increase in trading after opening hours). But it came after a much larger gathering, with inventory exceeding 50% earlier in the session.
In an interview with Variety, Harmon said Angels are fundamentally different from other studios and streaming providers. The company boasts 1.5 million payment subscribers for Angel Guild. This gives members the opportunity to vote for Greenlight projects, in addition to providing first access to all shows and movies through streaming.
About 70% of Angel Guild subscribers say religion is important to them. But the studio’s slate is wider than that, according to Harmon, centers around Angel’s “the power of storytelling to amplify light.” That means television shows and movies that focus on “good, beautiful, and worth sharing,” according to the mission statement.
“This is what I see like people I think Hollywood gatekeepers aren’t in contact with,” Harmon said. “We don’t have a problem with what is being made. We do things that are not being made.” He said, “There are plenty of opportunities for growth. This is not considered a zero-sum game.”
The Angel lineup features content based on religion. This includes the film Sound of Freedom, which sold $250 million at the box office, starring Jim Kabiesel as a former government agent and a mission to save children from Colombian sex traffickers. This spring, “The King of Kings” notched the box office record for animated biblical films. In December, Angel is set to release the thriller “Zero Advertisement,” starring Kabiesel, directed by Alejandro Monteverde (who also directs the Sound of Freedom), set during the massacre of innocents told in Matthew’s Gospels.
But Angel Studios has a wider variety of content in its inspirational vein. Another upcoming release is “The Senior,” starring Michael Chiklis, a sports drama from Wayfarer Studios, which aims to premiere nationwide on September 19th. Directed by Rods Lurie and written by Robert Eisele, “The Senior” is based on the true story of Mike Flynt (Chiklis). Prove to his family, former teammates, and yourself that it’s never too late to tackle your dreams. film co-stars Mary Stuart Masterson, Brandon Flynn, James Badge Dale and Rob Corddorey.
And on February 6th, 2026, Angel will release its first rom-com, “Solomeo.” “Solomeo” stars Kevin James along with Kim Coates, Allison Hannigan, Julie Celda, Julie Anne Emery, Jonathan Roomy and Nicole Grimaud. The company is selective about what to release in theaters. Of the company’s 100 titles released in 2025, only eight will win theatre run, Harmon said.
Harmon said the move to the Angels being exposed helped them win deals with talent not only as a guarantee that it is a permanent player, but as a guarantee that the company is giving equality to talent.
According to Harmon, what makes Angels different, along with its value-based entertainment lens is its wide investor base. The company has almost 70,000 investors, representing “a family like me who wants to support this programming.”
According to Harmon, the company was made public via the SPAC route because it could target hostile acquisitions, saying, “the number one concern from our community would be to lose our path as a public company and forget about its mission.” “We don’t want (content slate) to be decided by some big checkwriters,” he said.
There are a large number of individual investors, but the Angels structured ways, the company’s founding team and the original 8,000 investors have one vote (10 votes per share) for each vote per share in Class C stock. Super Tee shareholders maintain majority control of Angel Studios. The company also has an incentive program for senior angel executives that grant the company an additional 10% capital if it exceeds the $10 billion valuation. “The whole team is aiming for that goal and they are encouraged to do so,” Harmon said.
“Angels are long-term, about timeless principles and what continues,” Harmon said. Not so important, he said, is “where the stock price will be traded six months from now or ten years from now.”
Today, the company is not profitable. For the first six months of 2025, Angel’s revenues almost tripled, with net losses expanding to $53.3 million (compared to a net loss of $37.4 million in the same period last year), increasing operating expenses increase primarily due to marketing spending on Angel Guild membership.
“In the long term, as a company, we need to be very profitable,” Harmon said. “To be independent, you need to make a profit.”
The basic stages of Angel Guild offer studio movies and shows ($12/a few dollars with ads, $18 without ads) and streaming premium $20/month. In addition to ad-free streaming, the plan offers two tickets for all Angel Theatre movie releases as well as a 20% discount on March.
However, according to Harmon, these perks are only part of the appeal. He said that traditional streamers are “transactions,” but the Angel Guild offers members “real power,” decide what comes to the service and go to the theater: “It’s a move.”
Meanwhile, one of Angel Studios’ biggest hits was the TV series “The Chosen,” about Jesus’ life. Last year, Angel lost its line of the series after the arbitrator gave the director of Dallas Jenkins, the founder of five studios for the “chosen” franchise.
In addition to Neil Harmon, the senior Utah-based Provo-based leaders include two brothers, President Jordan Harmon and Chief Content Director Jeffrey Harmon. The Harmon brothers rang a bell closing the NYSE on Thursday.
Angel Studios was founded in 2014 as Vidangel. Vidangel ran a “family-friendly” streaming service that ruled out offensive content from the film. Vidangel was sued by Hollywood Studios for copyright infringement to stream the film without permission, and the ju-described ordered Vidangel to pay Disney, Fox and Warner Bros $62.4 million. In 2020, the bankruptcy court approved a $9.9 million settlement with the studio, resurrecting as Angel Studios.
Above: Michael Chiklis, Angel’s “Senior”
