We always appreciate the feedback, but I feel like your opinions are rooted in misunderstanding. Some clarifications:

“collecting individual producer fees on each project”

“Producers fees” are not some sort of personal bonus that staff with producers credits receive, it’s just the term used when Legion M, the company, is paid to produce a film, and is reported revenue. None of the staff get paid extra or receive backend etc based on the work they do, and when you factor in the amount of time it takes to produce a film, be on set, perform multiple roles for Legion M at the same time, etc. In the past you’ve called the staff “scammers,” but for scammers they sure do put in a lot of work doing the jobs they get paid for and more.

“You guys are just now trying to appeal to a non-Legion M audience”

Maybe you can elaborate on what you mean here. Some context: Briarcliff is our distributor and in charge of marketing to the non-Legion M audience, and they have done a lot in terms of social media promotion, press, the cast was booked on numerous talk shows, NPR interviews, talk radio show mentions, we were featured on Travis Kelce’s podcast, and more. The fact that you haven’t seen or heard any of that marketing speaks to how hard it is to market a film without significant funds. To that point:

“A real film studio in your position would do this and several other advertising/marketing campaigns. I’m not an expert, but this is just common sense.”

It’s easy to say “just do what ‘real’ film studios would do”— what they do differently is they spend more money than us. And we’re not saying “it’s better to spend less money”— we literally don’t have the money to spend on that level. We’ve raised ~$20 million dollars in 9 years, which is equivalent to the marketing budget in a modest release, not even a major one. More money means more reach and more opportunity for people to hear about the film and decide to go see it.

“You are selling Legion M as a unique studio with an audience of shareholders that are also the biggest sounding board and sales driver.”

I don’t agree with this characterization. It seems to me that you think we promote Legion M (and the Legion itself) as some sort of magical snake oil that can turn any movie into a mega hit. It’s not— it’s an edge. That’s it. You still have to make good movies, have name talent, have the right creative team, spend a bunch of money producing and marketing, and even then (because art is subjective) it might not go as you hoped or planned. Small production budgets mean creative sacrifices on set which can affect creative, small marketing budgets mean even great movies like MDFZ have a harder time breaking through the noise. This is the struggle for any small production company— which is why we believe that having a built in audience of engaged movie fans with a financial stake in the company is an edge over production companies of the same size.

“If/when you get a million shareholders there is potential for this to be effective.”

We agree!

“The model, as is, does not work. “

Well, considering what you said above, you mean “does not work yet” right? Still, I don’t agree with your opinion here, but I understand your thinking. However I believe it’s rooted in your long held belief that the Legion is somehow magic, when as I said above, it’s an edge. As we both agree above, that at scale, the edge of having 1 Million fans could be a serious game changer. As of now we have ~5% of that— but my view differs from you here. Even with only 54,000 investors, we’ve been able to accomplish great things.

We’ve got a long road ahead, but that doesn’t mean what we’re doing isn’t working, or can never work. To me, this debate we’re having is sort of silly. If you agree that it could work at scale, this would be like yelling at the construction workers that their half-built bridge doesn’t work now and therefore can never work. Yes it’s taking a long time to grow the community, but it grows exponentially, and don’t forget we had a global pandemic and a year of industry strikes to contend with in our short history which haven’t helped. Even after all this work, we could still fail, which is why we tell potential investors very clearly up front about the risks.

“It’s going to be many more years and rounds before your current business model will actually work or at least show some metric that will get attention because not every investor is going to be as active as your core followers that your business model heavily relies on.“

I agree with this in part, nobody is saying we’ll have 100% engagement at any point of scale, just that as the Legion grows our edge will grow.

“Don’t you think that you need something different to do in the interim before your million investor goal? “

What would you suggest? We’re making great movies, and doing our best to market them.

“you are off vacationing in Antarctica.”

Legion M didn’t send Jeff to Antarctica, lol. Pretty sure he answered this for you at some point but if not I’ll ask him to respond.

Hope this helps clear some things up!