[UPDATED] What the WGA & SAG-AFTRA Strikes Mean for Legion M
NOTE: we will keep this page updated with any new statements that we issue regarding the strike.
August 16th UPDATE:
Hollywood is in the midst of a massive earthquake. Not only are the writers and actors on strike, but the overall industry (as measured by metrics like box office sales, cable TV revenue, etc) is being rattled to its core. Like all earthquakes, this isn’t the result of a single event but of large scale tectonic movement over the past decade that fundamentally changed the way we all watch movies and TV.
This is an extremely challenging time for those who work in the industry. Not just the writers and actors, but everyone from crew members and caterers to the rank-and-file employees whose livelihoods are at risk of becoming collateral damage in these battles.
Like most labor disputes, the strikes are about money. Specifically, how to allocate the billions of dollars generated each year by film and TV. And while endless ink has been spilled about the relative arguments from either side, it’s worth remembering that every single one of those billions of dollars originates from us – the audience – that pay for the subscriptions, buy the tickets, and decide what to watch.
This gives us power. The fundamental premise of Legion M is that we can unite fans to harness this power and create competitive advantages for the company. But we can also use that power to help steer the industry in the direction our shareholders believe is right.
How should Legion M respond to the strikes? We asked our shareholders. They own the company after all – we work for them. The response was overwhelming:
This is the opposite of what you’d expect a company owned by Wall Street to say. Not because they are inherently evil (at least not that we know of…), but because they are responding to what their shareholders – the institutional traders and large corporate investors that own the vast majority of publicly traded shares – are telling them. And all those shareholders generally care about is the latest quarterly earnings report.
Legion M is a new breed of company built on a partnership between the two essential elements of entertainment – the creator and the audience. As such, we represent a new paradigm – an alternative to the “zero sum game” that pits the needs of creators and audience against those of the middlemen that stand between them.
Does this mean Legion M doesn’t need to make money? Absolutely not. As a company, we NEED to make money to survive. And when it comes to impacting the future of film and TV, the more money we make, the more impact we can have.
But unlike a company owned by Wall Street, Legion M is owned by shareholders willing to take a long-term view that considers the entire ecosystem rather than focusing solely on short-term gains. We strive to generate alignment that shares the risks and rewards with our partners so we're all incentivized to win together.
And the best part? With Legion M, making money and doing good aren’t mutually exclusive. Steve Jobs once said, 'If you do the right things on the top line, the bottom line will follow'. As a startup focused on long-term growth rather than short term gains, we believe we’re building a company with potential to create ENORMOUS value for our shareholders. We’re still small, but we’re growing faster than we ever have before and if we’re successful it will be those getting in early who have the most potential to gain.
The industry may be in crisis, but the flip side of “crisis” is “opportunity”. We intend to make the most of the world we live in today to create the future we want to live in tomorrow. You can help make that future possible by joining over 43,000 investors who own stock in the company and a seat at the table. Even better – help us get the word out by sharing this message with people you know feel the same way. The larger we get, the more influence we have.
While it may appear that Hollywood is ruled by massive players who have all the power, just remember that every dollar they earn comes from us, the audience. Together, we have the power. And when we unite, we can do anything!
July 27, 2023 UPDATE:
The entertainment industry as we know it is facing an existential crisis, besieged by numerous transformative forces and dramatic market shifts all aligning to create a perfect storm for change. As one of the more innovative new entrants in the space, Legion M does not plan to sit idly by waiting for an outcome. Instead, we are engaging and creatively exploring how our unique model might be a part of the long-term solution.
Legion M distinguishes itself in that we have earned a credible insider position within Hollywood, while deliberately maintaining our outsider perspective. Not because we’re unsympathetic to the causes, quite the contrary, it’s because we want to help move the industry forward in a positive new way. The old way of doing business is outdated and our fan-owned model could be precisely the novel approach this industry needs to help resolve some of the short-term challenges and shape a healthy future for the industry.
After all, regardless of the result of the strikes or any new disruptions in content creation and monetization, the one enduring and unalterable truth in this industry is that all of its trillion-dollar revenues emanate from us - the fans, the audience, the ones footing the bill.
The fundamental premise of Legion M and our goal to unite fans together into a vibrant and engaged community gives us strength and this power can be used to help shape the industry, and mold it into something incredible where fans, creators, and studios can work in harmony to make awesome movies and tv shows.
Our hearts go out to all those affected. Not just the writers and actors fighting to earn a fair share, but to everyone who’s impacted – from crew members and caterers to the rank and file industry employees whose livelihoods are at risk of becoming “collateral damage” in these great battles.
We want to make it clear that Legion M is not “capitalizing” on the strikes. Our duty and responsibility to our shareholders is to seek out opportunities that benefit the industry as a whole. As an independent production company we believe it's our responsibility to adapt to changes and challenges within our industry. Our ability to pivot quickly is a differentiator for us and demonstrates our resilience and versatility, even in uncertain times. Everything we do right now should exemplify our commitment to our artists, our community, and the work we love.
In the coming weeks, we will be sharing some polls to gather feedback from our community and also providing more background on the ways that we can make a difference. So keep an eye out!
July 14, 2023 UPDATE:
With the news of the SAG-AFTRA union officially joining the ongoing WGA strike against the Alliance of Motion Picture and Television Producers (AMPTP), we thought it appropriate to provide our community with some context on Legion M's position and our strategic plans.
We should start by stating that Legion M is not a member of AMPTP and not among the companies under strike. We support SAG and WGA members, respecting their right to strike. Our collective hope is for a swift, fair agreement between all parties.
A strike of this nature places a considerable portion of the entertainment industry on hold, particularly impacting domestic narrative projects with ties to AMPTP. But within these challenges, we see opportunities for Legion M to make strategic advances. These tectonic clashes will undoubtedly shake things up, but it can also open up cracks of opportunities for companies like Legion M.
Despite the uncertainties, we believe Legion M is in a strong position. We have four films in post-production and My Dead Friend Zoe, which wrapped physical production just before the actor’s strike went into effect. These high-quality projects give us a head start in a period when initiating new productions might be challenging. A potential delay in the industry’s output could enhance the value of the projects we are preparing to release.
Rest assured, we will not be mere bystanders. This is a time for action at Legion M. The strikes will undoubtedly have huge consequences for the industry at large. And while we would love to see a speedy resolution to the standoff, we want to relay to our shareholders that Legion M has been thinking strategically about this potential strike and how we can make the most out of these challenging circumstances, effectively transforming them from setbacks into opportunities.
We don't know how long the strike will last, but we know we have some awesome films in the can ready to be monetized, plus several compelling unscripted projects on our slate that will allow us to remain active in the marketplace. This could be the perfect time for Destination Fantastic or Legion of Comedy for example. There are so many talented people out there not working and wanting to be creative!
Moreover, this is a prime time to make progress on our current projects. We are working diligently on finishing My Dead Friend Zoe, with plans to submit it to festivals by the end of the year. Concurrently, we are exploring possibilities to move our other projects forward and, on a case-by-case basis, we will explore working with SAG on potential for waivers for independent projects not tied to AMPTP.
Also, one of our most exciting projects, Defiant: The Story of Robert Smalls, is at the graphic novel stage making it a perfect project to be promoting and growing during this time. While the rest of the industry is on pause, we can actively build buzz and anticipation, and be ready to light things up once the dust settles.
Now is not the time for Legion M to sit back and see how things pan out. This is our time to figure out our next moves. We are convinced that with Legion M’s innovative spirit and flexibility, we can turn this industry-wide challenge into an opportunity that can further cement Legion M's reputation as an entertainment industry innovator.
Please stay tuned for more communication on what comes next with specific information on how we will be adjusting and adapting to the circumstances. In the meantime, please don't hesitate to reach out with questions, ideas, insights, or suggestions.
History has shown us that Legion M doesn't just weather storms, we find a way to ride the winds onward and upward!
May 2, 2023 UPDATE:
We want to take a moment to address the Writers Guild of America (WGA) strike and its potential impact on Legion M. As a company that values and respects the creative contributions of writers, we support the WGA’s goals for fair compensation and protections for their work.
We understand the gravity of this issue for writers and for the industry as a whole, and we empathize with the situation. While we remain committed to continuing our operations and delivering high-quality content, we recognize that the writers strike may have some impact on our projects and our business if it is not resolved quickly. As such, we are closely monitoring the situation and making adjustments to our plans to ensure that we can navigate any challenges that arise.
In the meantime, we are excited to have 4 films in the can and releasing in the next 12 months and many other projects in development that are written and ready for production, including some animation, and unscripted content.
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