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"Now" in this document refers to March 1, 2021
The fastest-growing segment in media and entertainment is over-the-top box streaming (OTT) which was $58 billion in 2020 and is projected to reach $87 billion by 2024 (source PWC). The year 2020 and COVID shutdowns sent people to their homes, tanked theater sales, and accelerated streaming consumption throughout the market. Even before COVID, cord-cutting was the macro trend. People are cutting their subscriptions to cable TV and moving to streaming, and streaming is becoming highly competitive.
For over a decade, Netflix and YouTube represented the entirety of premium and crowd content (with a few like Hulu, Prime, and Twitch entering the market as well). Starting in 2019, however, the number of premium subscription services exploded with Disney+, Paramount+, Peacock, HBO Now, Apple TV+, YouTube TV, and others beginning to compete with Netflix, Amazon Prime, and Hulu.
Roku, Apple TV, YouTube, Amazon, and others have built systems for unifying the content into a single user interface. All of these services are investing heavily into original content to attract new viewers to their services (to the tune of $120 billion in 2019 alone). Given $58 billion in 2020 OTT revenue, this market is getting very crowded. There are not enough dollars yet in the market to make this level of OTT content spend sustainable.
Entertainment Companies Spend $121 Billion on Original Content in 2019