Legion M Launches Fan Funded Mini-IPO
Jonathan Barkan
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Okay, so this is an interesting story in that it allows fans to be part of something really big and exciting. However, it took me a little bit to understand it, so I’m going to break it down in the hopes that I can explain it for all of you.
Basically, Legion M is an entertainment company that creates movies and TV shows and has begun working in the VR realm. What makes them interesting is that they are fan-owned. The company has done this through an official equity crowdfunding last year that was qualified by the U.S. Securities and Exchange Commission. That event led to over 3,100 fans becoming official shareholders in the company. Now Legion M has opened its doors for another round of investing and is looking to bring even more fans into the business.
Interested fans would buy shares (with a minimum investment of $100) to help drive a crowdfund of anywhere between $500k and $50 million. In return, shareholders get access to “…shareholder-only online hangouts with the cast and crew, live-streamed tours of the set, first look at clips,” and more.
Now, being a shareholder doesn’t mean you get to make official decisions in terms of where a movie should go plotwise or how something should be filmed. Legion M says that there will be some things that are open to votes, but it’s obvious that people shouldn’t expect to have their name in credits as a writer, producer, or anything like that.
From the Press Release:
Since opening to fan investors last year, Legion M has moved quickly to build a slate of film and TV projects. Its current slate includes the April 7 release Colossal, a wildly imaginative sci-fi feature starring Anne Hathaway and Jason Sudeikis and directed by Nacho Vigalondo; Field Guide to Evil, a global horror anthology produced by Alamo Drafthouse CEO Tim League and Ant Timpson; Icons: Face to Face, a groundbreaking virtual-reality interview series launching with comic book visionary Stan Lee interviewed by Kevin Smith; and Pitch Elevator, a digital TV series and Comic-Con experience that offers fans the opportunity to win a film or TV development deal.
It’s fascinating way to get fans involved in a more business-oriented approach, and I feel like this could be the beginning of something more interesting and effective than traditional crowdfunding methods.
Okay, I hope my explanation made things clear for you and perked your interest! If you’ve got more questions, I’d check out Legion M’s website. If you want to invest, head on over to WeFunder to commit.
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