Angel Studios has made its stock market debut, with investors enthusiastic about the company’s “values-based” entertainment strategy. Co-founder and CEO Neil Harmon says this approach turns the industry’s dominant streaming subscription model on its head.
Angel shares, which began trading on the New York Stock Exchange under the symbol “ANGX” on Thursday after completing a merger with special purpose acquisition company (SPAC) Southport Acquisition Corp., ended their first day on the public market up 8.4% (and rose an additional 13% in after-hours trading). However, this came after a huge rally in early trading that saw the stock soar more than 50%.
In an interview with Variety, Harmon said Angel is fundamentally different from other studios and streaming providers. The company boasts 1.5 million paid subscribers to Angel Guild, and in addition to providing first access to all shows and movies on streaming, members are given the opportunity to vote on which projects they give permission to.
Approximately 70% of Angel Guild members say religion is important to them. But Harmon said the studio’s vision is broader than that, centered around what Angell calls “the power of storytelling to amplify the light.” This means TV shows and movies that focus on “what’s good, what’s beautiful, and what’s worth sharing,” according to its mission statement.
“We see this as people who are considered out of line by the gatekeepers of Hollywood,” Harmon said. “We don’t have a problem with what’s being made. We’re doing what’s not being made,” he said, adding, “There are so many opportunities for growth and we don’t see this as a zero-sum game.”
Angel’s lineup includes religious-themed content. That includes the film “Sound of Freedom,” starring Jim Caviezel as a former government official who rescues children from sex traffickers in Colombia, which grossed $250 million. This spring, “King of Kings” set a box office record for an animated Biblical film. In December, Angel plans to release Zero AD, a thriller starring Caviezel and directed by Alejandro Monteverde (who also directed The Sound of Freedom), which is set in the massacre of innocents recounted in the Gospel of Matthew.
But Angel Studios also offers a wide range of content that inspires you more broadly. Another upcoming release is The Senior, starring Michael Chiklis, a sports drama produced by Wayfarer Studios and scheduled to be released in U.S. theaters on September 19th. Directed by Rod Lurie and written by Robert Eisele, The Senior is based on the true story of Mike Flynt (Chiklis), who returns to the gridiron for his senior year of eligibility 35 years after being kicked off the college football team, determined to prove himself to his family. To his teammates, and to himself, it’s never too late to pursue your dreams. The film co-stars Mary Stuart Masterson, Brandon Flynn, James Badge Dale, and Rob Corddry.
And on February 6, 2026, Angel will release his first romantic comedy, Solo Mio, starring Kevin James and co-starring Kim Coates, Alyson Hannigan, Julie Cerda, Julie Anne Emery, Jonathan Roomy, and Nicole Grimaud. The company is selective about what it releases in theaters. Of the company’s 100 titles to be released in 2025, only eight will be released in theaters, Harmon said.
Harmon said Angel’s move to go public not only provides assurance that the company is a durable company, but also helps it win contracts for talent, as in some cases the company grants equity to talent.
In addition to its values-based entertainment perspective, what makes Angel different is its broad investor base, Harmon said. The company has about 70,000 investors, who represent “families like mine who want to support this program.”
Harmon said the company went public via the SPAC route because “the biggest concern from our community is that we lose our path as a public company and forget our mission” and could become the target of a hostile takeover. “We don’t want (the content schedule) to be determined by the big check issuers,” he said.
Angels have many individual investors, but because of Angel’s structure, the company’s founding team and 8,000 original investors have super voting shares (10 votes per share), compared to 1 vote per share for Class C stock. Shareholders with a majority of voting rights will maintain majority control of Angel Studios. The company also has an incentive program for senior angel executives that grants them an additional 10% stake in the company if the valuation exceeds $10 billion. “The whole team is aiming for that goal and is motivated to do so,” Harmon said.
“Angel is about the long term, about timeless principles and things that last,” Harmon said. What’s less important, he says, is “where stocks will be trading six months from now or 10 years from now.”
The company is not currently making a profit. For the first six months of 2025, Angel’s revenue nearly tripled to $135 million, but its net loss widened to $53.3 million (versus a net loss of $37.4 million in the year-ago period). The increase in operating expenses was primarily due to marketing spending on Angel Guild membership.
“Long term, we need to be very profitable as a company,” Harmon said. “To remain independent, we need to make a profit.”
Angel Guild’s basic tier offers streaming studio movies and shows ($12/month with ads, $18/month without ads) and Premium for $20/month. This plan offers ad-free streaming, plus 2 tickets and 20% off merchandise for each Angel theatrical movie release.
But Harmon says these perks are only part of the appeal. While traditional streamers are “transactional,” Angel Guild gives its members “real power” to decide what services and theatrical releases will be released, he said. “It’s exercise.”
Meanwhile, one of Angel Studios’ biggest hits was “The Chosen,” a television series about the life of Jesus. Last year, Angel lost the rights to the series after an arbitrator awarded 5&2 Studios founder Dallas Jenkins directing rights to the series.
In addition to Neil Harmon, the Provo, Utah-based company’s senior executives include his two brothers, President Jordan Harmon and Chief Content Officer Jeffrey Harmon. Harmon Brothers rang the closing bell of the New York Stock Exchange on Thursday to celebrate its first day as a publicly traded company.
Angel Studios was founded in 2014 as VidAngel, which operates a “family-friendly” streaming service that removes objectionable content from movies. VidAngel was sued by Hollywood studios for copyright infringement by streaming movies without permission, and a jury ordered VidAngel to pay $62.4 million to Disney, Fox, and Warner Bros. The company had already filed for Chapter 11 bankruptcy protection. In 2020, a bankruptcy court approved a $9.9 million settlement with the studio, which re-emerged as Angel Studios.
Pictured above: Michael Chiklis in Angel’s “The Senior”
