Ben Affleck and Matt Damon launch film production company

Hollywood stars Ben Affleck and Matt Damon are teaming to launch a film production company with a view toward offering content creators more financial upside for commercially successful projects.

The studio’s first project, directed by Affleck and starring Damon, is a feature film about the Air Jordan brand and is slated for release in 2023. The company, called Artists Equity, eventually plans to release at least five projects per year.

“Artists Equity was conceived from Matt’s and my longtime passion for the art of storytelling and our shared desire to help creators deliver on their vision, as we have been fortunate to do throughout our careers,” Affleck, who will serve as the company’s CEO, said in a statement on Sunday.

“Our goal with Artists Equity is to build a creator-focused studio that can optimize the production process with shared participation in the commercial success of projects,” he added.

The company is backed by private investment firm RedBird Capital Partners. Terms of the deal were not disclosed. 

Together, Affleck and Damon have generated more than $10.7 billion in worldwide box office sales. One of the goals of the new joint venture is to more equitably share profits with filmmakers, including creators and crew members, as video streaming begins to eclipse traditional theatrical release formats.

“Historically, the success of a film was based on its box office performance. Now, with the rise of streaming, the business behind filmmaking has intrinsically changed,” Damon, the chief content officer or Artists Equity, said in a statement. “However, Ben and I know that the power will continue to be in the hands of the creators, no matter which direction the industry evolves.”