Equity crowdfunding entertainment company Legion M and Chicken Soup for the Soul Entertainment have inked a partnership to jointly source, develop and produce original content that allows fans to invest and receive equity in the projects.
Under the terms of the agreement, which goes into effect immediately, Chicken Soup receives exclusive rights to many of the series already in the works at Legion M and the companies will work together on select movies distributed by CSS Entertainment’s Screen Media division.
Legion M allows fan communities to invest in and produce content, while Chicken Soup is focused on building its own network of VOD channels. Chicken Soup Entertainment has several series in production, including returning seasons of Vacation Rental Potential and Chicken Soup for the Soul’s Hidden Heroes, and season one of Going From Broke and Chicken Soup for the Soul’s Being Dad.
The first crowd-centric TV projects CSS Entertainment and Legion M will develop together include Up$ide, which allows viewers to become venture capitalists as entrepreneurs pitch their business ideas. The audience members selects which companies they’ll invest in, receiving equity in return.
Additional series include New York Rock Exchange in which solo acts and bands perform on a weekly TV series where they 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.
Meanwhile, Legion M allows creators, directors and dreamers to pitch their TV or film concepts to the audience which then greenlights favorite projects by investing in the productions.
“We are excited to be working with an innovator like Legion M,” said Elana Sofko (pictured), COO of CSS Entertainment, in a statement. “It’s a great time to take advantage of the changes in the entertainment industry and foster direct relationships with fans in an engaging way. We look forward to working with Legion M on Screen Media theatrical releases as well as developing and delivering great television series.”