A24, the indie production & distribution company behind many award-winning and critically acclaimed films and TV series, received an injection of new funding this week from investment firms Thrive Capital and Stripe. While the company did not specify how the new resources would be used, it is assumed that it will be to increase the output of new series and features.
Increased investment in other businesses may also be considered, including the live theatre venue at NYC’s Cherry Lane Theatre, a makeup and skincare brand Half Magic, and the production and management firm 2 AM.
A24 has enjoyed a meteoric rise since it was founded in 2012. In the early days, it distinguished itself from traditional studios and distributors by focusing on movies with an artistic edge, including SPRING BREAKERS, THE BLING RING, and THE SPECTACULAR NOW. Eventually, A24 was recognized by the industry with Oscar wins for films such as MOONLIGHT and EVERYTHING EVERYWHERE ALL AT ONCE.
The brand now has tremendous clout, as evidenced by a recent deal to have all A24 film and television series released on Max exclusively. While many studios have struggled to produce a steady flow of original movie content for theatres, A24 has set a noteworthy example of how to succeed in this endeavor.