Angel Studios, Inc.

ANGX

$4.57

+1.78%

N/A+$0.08

Communication Services

Entertainment

NYSE

Active Trading

Angel Studios, Inc., established in 2013 and headquartered in Provo, Utah, operates a streaming service dedicated to producing and distributing movies and ...

Supply Chain of ANGX

Upstream

Foundry, packaging, memory, wafers, components, and input vendors.

Upstream

Independent Filmmakers & Content Creators

The McDonough Company

Amazon Web Services (AWS)

Third-Party Post-Production & Marketing Service Firms

Various Sub-Suppliers to Content Production (Crew, Equipment, Locations)

Independent Filmmakers & Content Creators

Content creator / production partner — submit projects to Angel Guild for voting and potential distribution

The McDonough Company

First-look production partner — Neal & Ruvé McDonough's production company; produced The Shift, Homestead, The Last Rodeo; three-film first-look deal signed Jan 2026

Amazon Web Services (AWS)

NASDAQ:AMZN

Cloud computing infrastructure provider for streaming platform, content delivery, and data storage

Third-Party Post-Production & Marketing Service Firms

Various vendors for post-production, visual effects, marketing, and localization services

Various Sub-Suppliers to Content Production (Crew, Equipment, Locations)

Talent agencies, equipment rental houses, location services — supplied through production partners

Downstream

Customers, distributors, OEMs, and channels that absorb output.

Downstream

AMC Theatres

Cinemark Holdings

Regal Cinemas (Cineworld Group)

Marcus Theatres (The Marcus Corporation)

Harkins Theatres

Amazon Prime Video

Netflix

Apple (Apple TV+)

AMC Theatres

NYSE:AMC

Major theatrical exhibition partner for US film releases (Sound of Freedom, David, The Last Rodeo, etc.)

Cinemark Holdings

NYSE:CNK

Major theatrical exhibition partner for US film releases

Regal Cinemas (Cineworld Group)

LON:CINE

Major theatrical exhibition partner for US film releases

Marcus Theatres (The Marcus Corporation)

NYSE:MCS

Theatrical exhibition partner for US film releases

Harkins Theatres

Theatrical exhibition partner for US film releases

Proxies

Public comparables and monitoring names used as representatives for the analysis.

Proxies

Netflix, Inc.

The Walt Disney Company

AMC Networks Inc.

Netflix, Inc.

NASDAQ:NFLX

Streaming platform that produces and distributes original content globally. Angel Studios competes for streaming subscribers and content licensing revenue.

The Walt Disney Company

NYSE:DIS

Diversified media conglomerate with film studio, theatrical distribution, streaming (Disney+), and content licensing operations. Comparable multi-segment media business model.

AMC Networks Inc.

NASDAQ:AMCX

Niche content-focused media company with faith/values-oriented audience targeting similar demographic. Smaller-scale content studio and distributor comparable.

Geographic

Region-level exposures that can distort the supply network.

Geographic

United States

International (UK, France, Germany, Australia/NZ, LATAM, Asia)

AMC Theatres

Cinemark Holdings

Angel Guild Members

Kova Releasing

Saje Distribution

Kinostar

United States

Primary market concentration — vast majority of Guild members, theatrical box office, and content licensing revenue is US-based

AMC TheatresNYSE:AMCTheatrical exhibition partner

Cinemark HoldingsNYSE:CNKTheatrical exhibition partner

Angel Guild MembersDirect-to-consumer subscribers

International (UK, France, Germany, Australia/NZ, LATAM, Asia)

International expansion nascent — partnerships with local distributors but limited direct market presence and revenue contribution

Kova ReleasingUK distribution partner

Saje DistributionFrance distribution partner

KinostarGermany distribution partner

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Heavy reliance on Angel Guild membership (~65% of revenue). Churn or growth deceleration in Guild subscriptions would materially impact revenue.

Other

High

Content hit dependency — a small number of titles (Sound of Freedom, David) drive disproportionate revenue and brand recognition. Slate underperformance risk.

Customer

Medium

Theatrical exhibition concentrated among a few large chains (AMC, Cinemark, Regal). Loss of access to any major chain would impair theatrical revenue.

Other

Medium

Termination of The Chosen distribution agreement (May 2024) eliminated a significant content property. Legal disputes with The Chosen Inc. ongoing.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Angel Guild Subscriptions

65.2%

$0.2B

Core revenue driver; funds content acquisition and production decisions. Guild feedback directly influences which projects get greenlit, shaping upstream content supply.

Theatrical Distribution

20.2%

$0.1B

Drives demand for theatrical exhibition partners (AMC, Cinemark, Regal). Box office performance feeds downstream content licensing value.

Content Licensing (Amazon, Apple, Netflix, etc.)

9.3%

$0.0B

Monetizes owned content via third-party streaming platforms. Key downstream revenue stream beyond proprietary platform.

Merchandise, Physical Media & Other

5.3%

$0.0B

Includes apparel, DVDs/Blu-rays, books via direct online store and wholesale to retail partners. Low materiality to core supply chain.

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Angel Studios, Inc.

Supply Chain of ANGX

Upstream

Independent Filmmakers & Content Creators

The McDonough Company

Amazon Web Services (AWS)

Third-Party Post-Production & Marketing Service Firms

Various Sub-Suppliers to Content Production (Crew, Equipment, Locations)

Downstream

AMC Theatres

Cinemark Holdings

Regal Cinemas (Cineworld Group)

Marcus Theatres (The Marcus Corporation)

Harkins Theatres

Amazon Prime Video

Netflix

Apple (Apple TV+)

View More

Proxies

Netflix, Inc.

The Walt Disney Company

AMC Networks Inc.

Geographic

United States

International (UK, France, Germany, Australia/NZ, LATAM, Asia)

Supply Chain of ANGX

Upstream

Independent Filmmakers & Content Creators

The McDonough Company

Amazon Web Services (AWS)

Third-Party Post-Production & Marketing Service Firms

Various Sub-Suppliers to Content Production (Crew, Equipment, Locations)

Downstream

AMC Theatres

Cinemark Holdings

Regal Cinemas (Cineworld Group)

Marcus Theatres (The Marcus Corporation)

Harkins Theatres

Amazon Prime Video

Netflix

Apple (Apple TV+)

View More

Proxies

Netflix, Inc.

The Walt Disney Company

AMC Networks Inc.

Geographic

United States

International (UK, France, Germany, Australia/NZ, LATAM, Asia)