“Legion M works with creators – from independent filmmakers to big Hollywood studios – to make movies, TV shows, virtual reality experiences and more. We’re also the first company in history built from the ground up to be owned by fans. With Legion M, Fans own the company, Fans go behind the scenes, and Fans share the rewards.”
Those are the words of Paul Scanlan, CEO of fan-funded studio Legion M. We recently had a chance to talk to Paul to learn more about Legion M and their successful first round of funding.
Emmy Award winners Paul Scanlan and Jeff Annison, two of the co-founders of MobiTV, a company that delivers video to mobile phones and other connected devices, decided to take advantage of recent legislation passed by congress and President Obama. “The JOBS Act helped reform some of the antiquated laws that allowed only the rich to invest in startups” Paul stated, “This is literally the first time in history you could execute on an idea like this. With our first venture, MobiTV, any time we wanted to raise capital we were limited to accredited investors.”
The idea: By letting fans buy shares in Legion M and inviting them into the development process, they will work to promote the studio’s success because they are both emotionally and financially invested in it. “Look at the logo. It’s the Roman numeral symbol for one million. Our goal is to have one million fans supporting the studio” said Paul.
Legion M, as the world’s first fan-owned entertainment company, also had the exciting announcement that they have now raised over $1Million via their Title III crowd-funding offering on Wefunder. They were astoundingly able to raise those funds in less than three months with a record-breaking 3,000+ investors making it the most popular company in the history of the JOBS Act.
“Legion M shareholders worldwide are celebrating this significant milestone we achieved together. We are truly inspired by their energy, passion and unbridled support. This Legion of dedicated fans have rallied behind us and our movement to make our mark on the entertainment industry,,” said Paul Scanlan. “We are grateful to the JOBS Act for the innovative reforms that make this possible.Today we made history, and this is only the beginning.”
So what sorts of projects will Legion M being working on? “Projects take a long time to get off the ground and sometimes never come to fruition. So we have a lot of irons in the fire. You can see some of the ideas on our website” said Paul, “We are currently partnering with Seth Green who created Robot Chicken and his Stoopid Buddy Stoodios, The Alamo Drafthouse, Meltdown Comics here in LA, 42 Entertainment and Animal Repair Shop”
Another partner is Marvel Comics legend Stan Lee, who is participating in an interactive virtual reality project. Titled “Icons: Face to Face,” it will include a series of interviews featuring Lee and other high-profile figures talking about their work.
So what makes a project something up Legion M’s alley? “We look for 3 things in a project. First, is in monetizable. Can it be profitable. Second, is it engaging and interesting for our Legion? We want a total return on investment. Of course we want to see you make money on your initial investment but we also want something you are excited to be part of. Finally, is the position important? Will it bring diversity or highlight a cause?”
At a convention like San Diego Comic Con, known for announcing all the coolest things, finding out about Legion M was easily the coolest thing for me.
The first round of funding is currently closed, but you can sign up at thelegionm.com and keep up to date on all the latest projects and news and make history.