‘Sound of Freedom’ Pays Back 6,678 Crowdfund Investors, Plus a 20% Profit
Angel Studios has repaid 6,678 individual crowdfunding investors at a 20% profit for their contributions to “Sound of Freedom,” the studio said Thursday.
In a statement, Angel Studios CEO Neal Harmon said: “6,678 Angel Guild members have now received $1.20 for every $1 they invested into the launch budget for ‘Sound of Freedom,’ and we are thrilled to be able to get funds back to them in three months. The Angel Guild is key to our theatrical strategy and paying out as quickly as possible is always our first priority.”
The faith-based studio’s thriller about a rogue government agent tracking child traffickers in Colombia has grossed $173 million at the domestic box office, a colossal success for a project of its provenance. “Sound of Freedom” was completed in 2018 under a distribution deal with a Fox subsidiary, but was shelved after the Disney acquisition, and eventually sold to Angel, producer of “The Chosen.”
The global hit TV show about the people closest to Jesus is the largest crowdfunding entertainment project in history with more than $28 million over two seasons. The original crowdfunding movie phenom, the “Veronica Mars Movie,” raised $5.7 million to start production in 2013, while a “Mystery Science Theater 3000” film in 2021 captured $6.5 million on Kickstarter.
Angel has 24 projects in various stages of funding and completion, with half of those raising over $1 million in funding or pledges, and many with novel forms of contribution built in. For instance, “The Chosen” app also has a pay-it-forward feature, in which individuals can keep the streaming free for future viewers.
With dividends now flowing back to investors in its films, Angel adds another dynamic to its courtship of the Christian multitude, who have shown a willingness to fund projects so far without any expectation of repayment – let alone a 20% profit.
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