Two crowdfunded companies, Legion M and Chicken Soup for the Soul Entertainment (NASDAQ: CSSE) have formed a strategic partnership to jointly develop original content while giving fans the chance to potentially invest and receive equity in the projects.
Legion M, a fan-owned entertainment firm, is a crowdfunded company that has raised capital online multiple times. Currently, Legion M is using Reg A+ seeking a minimum $1.25 million. The offering is self-hosted. Legion M has used both Reg CF and Reg D in the past having raised over $5 million
Chicken Soup for the Soul Entertainment, which is a media company building video on demand channels, crowdfunded using Reg A+ too but then listed shares on the Nasdaq. Currently, shares are trading at a discount to the offering price.
The two companies say the deal goes into effect immediately and gives Chicken Soup exclusive rights to many series already in the works at Legion M. The companies will work together on select new movies which will be distributed by Chicken Soup’s Screen Media division.
The first “crowd-centric TV projects” that Chicken Soup and Legion M will develop together include:
- POSITV – A weekly collection of inspirational, uplifting and positive news, stories and real-life moments that are submitted by individuals from around the world, curated by the Legion M community.
- Comedy Royale – A next-generation sketch comedy show where online viewers play the role of a production executive as up-and-coming creators, actors, comics and comedy troupes compete for cash, prizes and the opportunity to break into the industry.
- Up$ide – At-home viewers become venture capitalists as entrepreneurs pitch their business ideas on live television. The audience selects which companies they’ll invest in, receiving equity in return.
- New York Rock Exchange – Solo acts and bands perform on a weekly TV series that puts the audience in a record label’s executive seat. Participants compete for financial backing to fulfill their rock star dreams while viewers invest in their favorite act and receive equity in the winner’s first studio album and/or tour.
- Legion M – Creators, directors and dreamers pitch their TV or film concepts to an TV audience who “green light” their favorite projects by investing in their productions. The newly minted fan-producers receive equity once a project reaches its minimum funding goals.
The two companies say they will continue to explore combining their unique strengths for film and video projects.
Paul Scanlan, co-founder and CEO of Legion M, said they look forward to offering fans the opportunity to not only watch but invest in the content they are creating. He said the partnership with Chicken Soup comes at an exciting time while their are in the midst of their 4th crowdfunding round.
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