The Bulwark Goes to Hollywood

The Fan-Driven Distribution Company

The Bulwark Goes to Hollywood

Show Notes

Occasionally, someone will ask me if I think they should invest in a movie. My answer is, invariably, the same: you should only invest in movies you really believe in; you should understand that even if you invest, the movie will likely never get made because most movies never do; and you should only invest if you’re willing to lose everything you put in, because even those movies that do get made tend to show a loss. I lead with this because today I’m talking to Jeff Annison of Legion M, a production and distribution company built on the idea that fan investments are a great way to both develop seed capital and drive enthusiasm at theaters. Legion M is not a fly-by-night company and has a number of productions under its belt, including My Dead Friend Zoe and The Man in the White Van. Jeff will be the first to tell you that investing is risky and should only be done if you’re comfortable with losing it all, though he obviously has staked his claim with Legion M and put no small amount of his own capital at risk. And they’ve certainly seen some successes with films like the Nic Cage-starring Mandy (one of my favorites of the 2010s). We discussed how changes to investment laws in 2016 helped spur a shift in indie fundraising from crowdfunding models to models that allow individuals to earn equity in the movies they contribute to the production of. We also discussed the Legion M Film Fund, their distribution-minded arm that provides last-in, first-out money for films seeking a domestic release. And we chatted about the effort to build a consistent fan base via the cultivation of retail investors.

More from The Bulwark Goes to Hollywood

Oct 23, 2026

On this week’s episode, I’m rejoined by Geoff Edgers of the Washington Post to discuss The Tale of Norm Macdonald and prod Geoff about his forthcoming* book on the great comedian who sadly died in 2021. Geoff wrote one of the defining profiles of Macdonald in 2016 for the Washington Post and appears, briefly, in the new Netflix documentary. (You’ll see him; he’s the one being served a sandwich by Norm’s mom.) But he does not appear as a talking head, as this documentary has no talking heads: It’s a compilation of clips with some voiceover narration provided by Norm himself from the grave! (Or, possibly, the audiobook of his novelistic memoir, Based on a Memoir: Not a True Story.) *In 2028! Very forth. But Geoff’s book on The Police (the band, not the law enforcement) comes out in March of next year. I bet he’ll come back on the show if you ask real nice! He talked to all three members; it’s a really good book, I’m reading it now.

Oct 16, 2026

I’m rejoined this week by Matt Roller, the showrunner of Netflix’s Haunted Hotel, to discuss the second season of his hit animated show. We talked about the difficulties of getting a new season done in just one year, how the fandom has reacted to the show (and why he tries to avoid letting the fanfic influence his work), and whether or not season three is on the way. If you haven’t watched Haunted Hotel and are a fan of similar shows like Bob’s Burgers or Futurama, you should really check it out. And if you enjoyed this episode, I hope you share it with a friend!

Oct 9, 2026

On this week’s episode, I’m rejoined by Katey Rich and Christopher Rosen, the Prestige Junkies over at The Ankler, to talk about the early days of the Oscar campaign. It’s finally heating up now that we’re hitting awards season and the prestige pictures are making their debuts; you can find our early preferred nominees at the Ankler Pundits landing page. But we cover a ton of ground in this episode, including how early favorites like The Odyssey will hold up, why La Bola Negra may well be Netflix’s best chance for a Best Picture trophy, and whether or not Inde Navarette of Obsession fame has a shot at a nomination. Plus: Wild Horse Nine! You Can See Everything! Fjord! So much to discuss, such little time. But we crammed a lot in for you. Leave your favorites of the year so far in the comments below!

Oct 2, 2026

On this week’s episode, I’m rejoined by Sean McNulty of The Ankler’s excellent morning newsletter, The Wakeup, to discuss some of the big stories in the news. We start with the Paramount-Skydance/Warner Bros. deal going through its final phases before approval, before heading into some discussion of the federal film tax credits (17:10), and then wrapping up with a discussion of the state of sports rights and plateauing audience numbers there (29:30).

Sep 25, 2026

On this week’s episode, I’m joined by V for Vendetta director James McTeigue, whose film is returning to theaters on the first and fifth of November (“Remember, remember!”) via Saga Arts and Fathom Entertainment. We had a really interesting discussion both about the making of the film (I had no idea Hugo Weaving replaced another actor you may well know several weeks into production) and its continued relevance. What was intended as a metaphor for the War on Terror now holds up pretty well in our current age—arguably, much better, given the state of things now compared to then.

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