Angel Studios made a significant impact during its debut on the New York Stock Exchange, where shares began trading under the ticker symbol “ANGX” following a merger with Southport Acquisition Corp. Investor enthusiasm for the company’s “values-based” entertainment strategy was palpable, with shares soaring over 50% at one point before closing the day up 11.25%.
CEO Neal Harmon described Angel Studios as a transformative force in the entertainment industry, distinguishing it from traditional streaming services. The company has amassed 1.5 million paying subscribers for its Angel Guild, offering these members exclusive access to its content as well as the unique ability to vote on which projects to greenlight. Harmon noted that approximately 70% of Angel Guild subscribers prioritize religion, but he emphasized the company’s broader mission: to harness storytelling to highlight positive, inspirational narratives.
“We see this as for people who think Hollywood gatekeepers are out of touch,” Harmon stated, expressing a commitment to producing content that is often overlooked by mainstream studios. Angel’s lineup includes both religious-themed content, such as “Sound of Freedom,” which has grossed $250 million, and upcoming projects like “The Senior,” which features a poignant storyline about resilience and pursuing dreams.
Looking ahead, Angel is preparing to release its first romantic comedy, “Solo Mio,” in early 2026, marking its expansion into broader genres. Harmon mentioned that going public has also bolstered the company’s ability to attract talent, sometimes through equity-sharing agreements.
One of Angel’s defining characteristics is its extensive base of nearly 70,000 individual investors. Harmon explained that the decision to go public via a SPAC was driven by concern from their community about maintaining their mission and independence. To safeguard this vision, the company’s founding team and early investors hold supervoting shares, ensuring they retain control over content decisions.
Despite these promising developments, Angel Studios is not yet profitable. Revenue nearly tripled to $135 million in the first six months of 2025, but the net loss grew to $53.3 million, largely due to increased marketing expenses. Harmon acknowledged the necessity of long-term profitability to preserve the company’s independence and mission.
Membership options for Angel Guild start at $12 per month, with varying levels of access to content and additional benefits such as discounted theater tickets. Harmon stressed that, unlike traditional transactional streaming models, Angel Guild empowers its members to shape the platform’s offerings, creating a sense of community and shared purpose.
One of the company’s biggest successes, the television series “The Chosen” about the life of Jesus, also showcased the challenges of the industry; it recently lost rights to the series despite its popularity.
On the day of their debut, the Harmon brothers marked the occasion by ringing the NYSE closing bell, celebrating the company’s entrance into the public realm and its commitment to long-term principles over immediate financial performances.
