Legion M turns to fans and investors to make movies

When Paul Scanlan and Jeff Annison first envisioned their production studio, Legion M, they set out to build not just a company, but a community.

The film studio behind buzzworthy 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 past decade toward a new model of Crowdfunding, which allows producers to solicit donations for film and television projects and reward investors with more than just limited edition merchandise.

Now, fans can get a real return on their investment.

“I think a lot of people see equity crowdfunding as a different way to raise money,” said Annison, co-founder and president of Legion M. “It's a different way to finance your company, or a different way to finance your movie. And Lo “We see it as a fundamentally different way of building a fundamentally different type of business.”

Legion M was launched in 2016 in the wake of the Jumpstart Our Business Startups, or JOBS, Act, which lowered barriers to entry for raising capital and allowed companies to access financing in ways that were previously prohibited due to securities regulations.

While crowdfunding isn't a new concept, Legion M is taking it to the next level: giving everyday moviegoers a seat at the Hollywood table.

In less than a decade, the studio has worked with several Hollywood stars, including Anne Hathaway, Jason Sudeikis in 2016's “Colossal” and Simon Pegg and Minnie Driver in 2023's “Nandor Fodor and the Talking Mongoose.”

The company also funded the recently released cryptocurrency documentary “This Is Not Financial Advice.”

Crowdfunding sites like Kickstarter, GoFundMe, and Indiegogo have long allowed creators to tap into their most passionate fanbases to create content.

In the past, Kickstarter backers have 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 $11.3 million for Critical Role's animated film “Legend of Vox Machina.” series, which was later picked up by Amazon Main video.

However, Kickstarter does not allow campaign creators to offer any financial benefits to those who donate.

That's what sets Legion M apart from the rest. If a film or television project does well at the box office or is bought by a distributor, those who invested get a cut.

“For the William Shatner documentary, we basically replaced the role of a single financier writing that check with 1,200 smaller 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 says it has more than 45,000 investors.

For Legion M's “My Dead Friend Zoe,” the company raised funding from Legion M investors and larger, more traditional Hollywood financiers, including Kansas City Chiefs star tight end Travis Kelce.

Legion M offers creators access to their fan base, something independent filmmaker Chris Temple, co-director of “This is Not Financial Advice,” praised in his documentary. His film focuses on several retail investors navigating the peaks and valleys of the cryptocurrency world.

He said working with Legion M “felt very natural from the first call.”

“This is a grassroots film about investors who have finally gained access to markets they don't have access to and about people taking control of their own finances,” he said, noting parallels with Legion M's work.

Legion M is not alone in this space. Angel Studios made headlines after its crowdfunded “Sound of Freedom” grossed around $250 million at the global box office on a budget of just $14.5 million.

While Angel Studios bills itself as a production studio that brings “light” to entertainment, much of its focus is on elevating religious titles into the mainstream. Legion M's focus is the Comic Con audience, although it is diversifying its portfolio to include comedies, thrillers, murder mysteries, dramas, sci-fi action films and documentaries.

“The nice thing about what Legion M is doing is that we're creating a built-in audience,” said Scanlan, the company's co-founder and CEO.

The company's logo, an “M” with a bar across the top representing the Roman numeral for one 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 movies they are about to release, but they are also emotionally invested in the movies.” Annison said. “Because they've been following since day one and they had the opportunity to go behind the scenes and listen to the director articulate his story and his vision of what the movie is going to be.”

One of those fans is Matt Conkling, who made his first investment in the company in 2019, attracted by how Legion M offered investors the opportunity to not only donate money, but also participate in productions.

Shortly after his first investment, Conkling saw a posting from the company requesting a series of props, including neon signs and cars, for its mystery thriller “Archenemy,” starring “True Blood's” Joe Manganiello.

“I raised my hand,” said Conkling, who offered his 1975 Chevy El Camino. Two days later, Conkling got a call to help drive the car on set.

“So it went from 'Here are my keys' to a big crash course in the film industry,” he said. “After that, I was hooked.”

Conkling had previously tried to participate in a film project from another production company that he preferred not to name, but could not meet the minimum investment of $25,000.

“How often do everyday people get the opportunity to potentially invest in something for a low dollar amount?” he said.

For Conkling, Legion M has become more than a casual investment, it's become a career of sorts. While he continues to fund individual film projects the company is promoting (and said he ultimately wants to invest enough to own 1% of the company) by volunteering his car for a production, he has managed to find his niche in Hollywood.

After “Archenemy,” Conkling was tapped to land the titular white van in Legion M's “The Man in the White Van,” a crime thriller based on true events that occurred in the 1970s. That gig fostered another in “The Long Game” by Dennis Quaid, which was filmed in Texas. And it hasn't stopped there: you can even see Conkling playing dead in the background of the Netflix movie “The Gray Man.”

“Legion M is the gift that keeps on giving,” Conkling said.