Angel added nearly 400,000 Guild members during the second quarter, while Guild sales and marketing expense declined as a percentage of Guild revenue. In the latest quarter, Guild revenue accounted for 84% of revenue, while theatrical distribution represented 16%. Theatrical Releases and Content ExpansionHarmon said Angel views theatrical releases as part of a broader platform strategy rather than a separate business. About Angel Studios (NYSE:ANGX)Angel Studios, Inc is a media and entertainment company that develops, produces, distributes and licenses film and television content. Angel Studios generates revenue from Guild memberships, theatrical releases, content licensing, merchandise, and its Pay It Forward model.