William Shatner attends the William Shatner Handprint Ceremony hosted by Legion M during Comic-Con International 2022: San Diego at Theater Box on July 21, 2022 in San Diego, California.
Emma Mcintyre | Getty Images
When Paul Scanlan and Jeff Annison first launched their production studio Legion M, they wanted to build not just a business, but a community.
The film studio, which is behind hot names like “Jay and Silent Bob Reboot,” “Colossal” and the upcoming William Shatner documentary “You Can Call Me Bill,” is part of a shift in Hollywood over the last decade to a new crowdfunding model , which allows producers to raise funds for film and television projects and reward investors with more than just a limited-edition piece of merchandise.
Now fans can get an actual return on their investment.
“I think a lot of people look at equity crowdfunding as another way to raise money,” said Annison, co-founder and president of Legion M. “It’s another way to fund your company or your film.” And we’re looking at it as a fundamentally different way to build a fundamentally different kind of business.”
Legion M was launched in 2016 as part of the Jumpstart Our Business Startups (JOBS) Act, which lowered barriers to entry for raising capital and allowed companies to access funding through avenues previously prohibited by securities regulations.
While crowdfunding isn’t a new concept, Legion M takes it to the next level – giving regular moviegoers a seat at the Hollywood table.
In less than a decade, the studio has worked with a number of Hollywood stars, including Anne Hathaway, Jason Sudeikis on “Colossal” (2016) and Simon Pegg and Minnie Driver on “Nandor Fodor and the Talking Mongoose” (2023).
The company also funded the recently released cryptocurrency documentary “This is Not Financial Advice.”
Risks and opportunities
Crowdfunding sites like Kickstarter, GoFundMe, and Indiegogo have long allowed creators to tap into their most passionate fan bases to create content.
In the past, Kickstarter backers generated $3.1 million for Zach Braff’s 2014 film Wish I Was Here, $5.7 million for Rob Thomas’ 2014 film Veronica Mars, and a record-breaking $11.3 million for the Critical Role animated film Legend of Vox Machina, which was later picked up by Amazon Prime Video.
However, Kickstarter does not allow campaign creators to offer financial compensation to those who donate.
That’s what sets Legion M apart. If a film or television project does well at the box office or is purchased by a distributor, those who invested receive a share.
“For the William Shatner documentary, we basically replaced the role of a single financier writing this check with 1,200 small financiers writing smaller checks,” Annison said.
The minimum investment for the documentary was $100.
Investors can also purchase a stake in Legion M itself for as little as $40. The company claims to have more than 45,000 investors.
For Legion M’s “My Dead Friend Zoe,” the company raised money from Legion M investors and larger, more traditional Hollywood financiers, including Kansas City Chiefs star tight end Travis Kelce.
From left to right, Chris Temple, Glauber Contessoto, Zach Ingrasci and Rayz Rayl of This Is Not Financial Advice pose for a portrait during the 2023 Tribeca Festival at Spring Studio on June 10, 2023 in New York City.
Erik Tanner | Getty Images
Legion M offers creators access to its fan base, which independent filmmaker Chris Temple, co-director of This is Not Financial Advice, took as a compliment to his documentary. His film focuses on several retail investors as they navigate the ups and downs of the crypto world.
He said working with Legion M “felt very natural from the first call.”
“This is a grassroots film about investors finally getting access to markets they don’t have access to and people taking control of their own finances,” he said, pointing out the parallels to Legion M’s work.
Fans know best
Legion M is not alone in this area. Angel Studios made headlines after their crowdfunded film “Sound of Freedom” grossed around $250 million at the global box office on a budget of just $14.5 million.
While Angel Studios markets itself as a production studio that brings “light” to entertainment, its primary focus is on bringing religious titles into the mainstream. Legion M’s focus is on the Comic-Con audience, but the portfolio is expanding to include comedies, thrillers, crime films, dramas, sci-fi action films and documentaries.
Jeff Annison and Paul Scanlan attend the world premiere of “You Can Call Me Bill” at the 2023 SXSW Conference and Festivals at the Paramount Theater on March 16, 2023 in Austin, Texas.
Frazer Harrison | Getty Images
“The beauty of Legion M is that we are creating an integrated audience,” said Scanlan, the company’s co-founder and CEO.
The company’s logo, an “M” with a bar above it representing the Roman numeral for a million, is a nod to Legion M’s goal of attracting one million fans as shareholders.
“Imagine an entertainment company or a studio that has a million fans who are literally financially invested in the films they put out, but also emotionally invested in the films.” Annison said. “Because they have been with us since day one and had the opportunity to go behind the scenes and hear how the director articulated his story and his vision for the film.”
One of those fans is Matt Conkling, who first invested in the company in 2019 and was drawn to how Legion M offered investors the opportunity to not only donate money, but also get involved in productions.
Shortly after his first investment, Conkling saw a post from the company requesting a variety of props, including neon signs and cars, for his mystery thriller “Archenemy,” starring Joe Manganiello of “True Blood” fame.
“I raised my hand,” said Conkling, who volunteered his 1975 Chevy El Camino. Two days later, Conkling received a call to help him move the car on set.
“So it went from ‘Here are my keys’ to a huge crash course on the film industry,” he said. “I was hooked after that.”
Conkling had previously tried to get in on the ground floor of a film project from another production company, which he preferred not to name, but failed to meet the minimum investment amount of $25,000.
“How often do normal people get the chance to potentially invest in something for a small dollar amount?” he said.
For Conkling, Legion M has become more than just a casual investment, it has become a career, so to speak. While he continues to fund individual film projects the company promotes – and said he eventually wants to invest enough to own 1% of the company – by volunteering his car to a production, he has managed to carve out his niche in Hollywood to find.
After Archenemy, Conkling was hired to procure the titular white van for Legion M’s The Man in the White Van, a crime thriller based on actual events in the 1970s. This appearance led to another appearance on Dennis Quaid’s The Long Game, which was filmed in Texas. And it doesn’t stop there: Conkling can even be seen playing dead in the background Netflix Movie “The Gray Man”.
“Legion M is the gift that keeps on giving,” Conkling said.
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2024-03-03 14:00:01
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