A24 Raises Significant New Investment Round, Valuing Company at $3.5B
A24 Raises Significant New Investment Round, Valuing Company at $3.5B
A round led by Joshua Kushner's Thrive Capital, which invested $75 million into the company, gives the indie studio the ability to continue its push into more commercial content.
RIP A24.
Well, they had a good run.
This is the best summary I could come up with:
Early acquisitions included Alex Garland’s Ex Machina, Harmony Korine’s Spring Breakers and Barry Jenkin’s Moonlight, the latter of which netted A24 its first Oscar-winning title.
On the television front, A24 found success producing HBO hit Euphoria (albeit A24 only takes a fee on the production) and has expanded its slate to include Netflix Emmy winner Beef and beloved Showtime series The Curse.
All of this led to the studio’s current “cool kid” status, bolstered by its ubiquitous merch that sees the A24 logo emblazoned on sweatshirts and hats worn by moviegoers.
(Earlier this year, A24 struck a deal with London-based independent publisher Mack that will see the A24 books sold in stores, a step up from its direct-to-consumer model.)
The asks have left some in the industry, including A24’s longtime partners, confused, unsure what to make of the push into more commercial work for a company that built its brand on out-of-the-box filmmaking.
Outside of investments like Thrive’s, A24 has bolstered its production efforts with moneyed output deals, including the one signed at the end of 2023 that will see A24 theatrical movies iar exclusively on HBO and stream only on Max.
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