"The stone that the builders rejected has become the cornerstone."
Psalm 118:22
Dear Kingdom Builders,
The Passion of the Christ remains the highest-grossing religious film of all time, earning roughly $612 million worldwide after major studios shunned the project and Mel Gibson financed it himself.
The Chosen became the largest crowdfunded film or television project in history, raising more than $10 million from over 16,000 investors. It has now reached more than 280 million viewers across 175 countries.
Two of the most successful Christian screen projects and neither was financed the way studios financed films for the previous century.
It wasn’t always this way.
Paramount backed and distributed Cecil B. DeMille’s The Ten Commandments in 1956, putting traditional studio resources behind a biblical epic and watching it become one of the highest-grossing films in history.
That is the traditional studio model in a sentence: the studio underwrites the bet, carries the risk, and keeps the upside.
For decades, it was effectively the only way films could get into a theater. But over the that time, studios funded progressively fewer projects for Christian audiences, leaving a significant void.
But The Passion of the Christ changed the equation.
It proved there was an enormous audience for serious Christian storytelling. Even with that proof, studios still did not fully meet the demand. Instead, the film helped reveal something more important:
Christian audiences did not have to wait for a studio’s “greenlight.” They built the market themselves.
It has taken three primary forms:
Principal risk: A founder writing the check himself, the way Mel Gibson self-funded The Passion of the Christ when he could not secure conventional studio backing.
Philanthropy: Mission capital routed through nonprofits, as with Cabrini, a roughly $50 million film raised through a nonprofit structure created so that net revenues could ultimately benefit charitable work.
Audience capital: Everyday supporters taking a real financial stake, whether the more than 20,500 investors who filled Angel Studios’ 2024 Reg A+ offering, or the 16,000-plus investors who financed the first season of The Chosen before the full series premiered.
Angel Studios built that same crowdfunding instinct into a broader funding ecosystem of its own, with different vehicles at different times: Reg A offerings tied to the studio itself, project-specific crowdfunding, and an independently operated, SEC-registered Angel Funding Portal.
The audience is no longer only an audience. It is becoming part of the capital stack.
Fireproof was an early hybrid of these funding models. The film was produced by Sherwood Baptist Church’s filmmaking ministry for approximately $500,000. The community contributed its own time and resources, with an all-volunteer cast and donated sets and locations.
The film was released in 2008 and went on to earn more than $33 million at the box office. It was co-produced, marketed and distributed by Sony’s AFFIRM Films.
I’ve watched this ecosystem grow and develop over the past several years. Last week, I had the opportunity to see it up close while judging a Christian film pitch competition at ICVM’s MediaSphere conference.
What I saw was remarkable. This ecosystem is being built in parallel to the Hollywood system from the pew up. Christians are showing that the audience exists by funding it directly, rather than waiting for a studio to price the risk. There is tremendous talent creating and distributing quality content which continues to grow as funding becomes available.
This week, I released the first episode of a new series called Kingdom Builders. The episode focused on the remarkable funding story behind The Passion of the Christ and the sensational returns that nobody, likely even Gibson himself, saw coming.
Christian media is an exciting area to watch, both now and in the years ahead. As media becomes more democratized, the traditional gatekeeping model has less power. The opportunity is ripe for Christian creators, investors, and audiences to build what the old system has left underserved.
What's needed now isn't permission. It's builders willing to answer the call.
Have a blessed week!
Matt
The first episode of Kingdom Builders tells the financial story behind The Passion of the Christ:
Why every major Hollywood studio passed on the highest-grossing independent film in history.
How Mel Gibson self-funded $45M and structured a deal that kept the majority of the profits.
The unconventional marketing machine that generated $10M in ticket sales before opening day.
Catholic leaders meeting ahead of the AMECEA Plenary Assembly in Nairobi issued a declaration urging Church institutions in Eastern Africa to align their investments with Catholic Social Teaching, care for creation, and the common good. The declaration calls for greater transparency, faith-consistent investment guidelines, support for renewable energy and local communities, and increased participation by young people in financial and environmental decision-making.
Louisiana pastor Dale Sanders was convicted on 25 federal counts after prosecutors said he stole more than $340,000 from two churches and used the money for gambling, dining, living costs, and other personal expenses. The misconduct occurred between April 2020 and April 2024 and included unauthorized debit-card transactions, transfers of church funds, and falsified records submitted during the investigation; sentencing is scheduled for October 13.
30-Second Investment Terms and Strategies
Reg A+
Reg A+, often called a “mini IPO”, is a securities exemption that allows retail investors to participate in certain private-market offerings that may otherwise be available only to accredited investors, family offices, or other institutions.
What it is: A “mini-public offering” framework under Regulation A. Companies can raise capital from the public through SEC-qualified offerings, including from non-accredited investors. Note: non-accredited investors may be subject to investment limits.
Where it appears: Private-company offerings, real estate deals, media ventures, consumer brands, fintech platforms, and mission-driven businesses that want to raise capital from a broader investor base rather than just a more concentrated group of accredited investors or institutions.
Why it matters: Reg A+ gives retail investors access to opportunities that historically sat behind closed doors. But access is not the same as safety. These offerings can be speculative, illiquid, hard to value, and difficult to exit. Investors should pay close attention to what they are actually buying, what rights they receive, how proceeds will be used, whether the company is already generating revenue, and whether the opportunity aligns with both their financial goals and their values.
DISCLAIMER: This material is provided for informational and educational purposes only and does not constitute investment, legal, tax, or other professional advice, nor is it an offer or solicitation to purchase or sell any security. “ChristianAlts” is a media publication operated by HoneyHive Capital Partners LLC. HoneyHive Capital Partners LLC is not a broker-dealer, investment adviser, or funding portal and does not offer or sell securities. The author is a registered representative and investment adviser representative operating through separate, regulated entities, including Excelitrax LLC (d.b.a. HoneyHive Capital), which conducts investment banking and securities-related activities under the supervision of Finalis Securities LLC, member FINRA/SIPC. This publication is not issued on behalf of, or supervised by, Finalis Securities LLC or any affiliated broker-dealer. Any securities-related services or transactions are conducted only through the appropriate regulated entities and are offered solely by means of formal offering documents, including, where applicable, a confidential offering memorandum, and in accordance with federal and state securities laws. The views expressed herein are solely those of the author and are based on internal research, opinions, and publicly available information that has not been independently verified. No representation or warranty is made as to the accuracy or completeness of the information. Past performance is not indicative of future results. Any forward-looking statements are subject to risks, uncertainties, and assumptions that may cause actual results to differ materially.
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