Ghost in Indiana RegCF: Film Crowdfunding Revenue Share

Ghost in Indiana RegCF: Film Crowdfunding Revenue Share

Ghost in Indiana is testing the waters on Wefunder for a supernatural romantic dramedy exploring grief and loss. The film has raised $58,710 of a $1.24 million maximum target through revenue share securities, with a minimum investment of $100.

Angel Investors Network provides marketing and education services, not investment advice. Consult qualified legal, tax, and financial advisors before making investment decisions.

What Is Ghost in Indiana Raising?

According to the offering listing, Ghost in Indiana launched its test-the-waters campaign on January 18, 2026. The campaign has committed $58,710 in early pledges.

The company set a minimum target of $50,000 and a maximum target of $1.24 million. The offering uses revenue share securities with a 1.20X return multiple. Investors can participate with as little as $100.

The listing does not specify detailed use of proceeds beyond "growth and expansion." Film production crowdfunding campaigns typically allocate capital to pre-production, principal photography, post-production, and distribution marketing. Without an SEC filing available, investors should request a detailed budget breakdown directly from the production team before committing capital.

Test-the-waters campaigns allow companies to gauge investor interest before filing formal offering documents with the SEC. This status means Ghost in Indiana has not yet submitted Form C disclosures required for Regulation Crowdfunding raises. Until the company transitions from testing to an active raise, financial projections and detailed terms remain preliminary.

Who Is Ghost in Indiana?

Ghost in Indiana is a 2026-founded film production based in Columbus, Ohio. The screenplay follows the ghost of a man's dead wife forcing him to choose between an impossible past and an unknown future.

The script earned recognition as one of the top 25 film scripts in 2024 at The Slamdance Screenplay competition. Slamdance runs parallel to Sundance Film Festival and focuses on emerging filmmakers working outside traditional studio systems.

The production team includes Elizabeth Miller and Tiffany Trainer as producers, with Jordan Sommerlad and Cory Stonebrook serving as co-directors. The listing describes the team as "award-winning" but does not specify individual credits or prior box office performance.

The company operates under what appears to be a parent entity that runs The Haunt Ghost Tours in San Francisco. The tour business offers nighttime ghost hunting experiences in Chinatown and Jackson Square Historic District, with 826 reviews averaging 4.6 out of 5 stars. Tours run nightly at 7pm or 8pm with EMF meters and professional ghost hunting tools.

The connection between the ghost tour business and the film production is not explicitly stated in the offering materials. Investors should clarify whether The Haunt Ghost Tours provides operational revenue that de-risks the film production, or if the entities share only thematic branding.

How Big Is the Market Opportunity?

Independent film production faces structural headwinds in 2026. According to the Motion Picture Association (2025), global box office revenue reached $34 billion in 2024, but independent films captured less than 15% of theatrical releases. Streaming platforms shifted acquisition strategies toward owned IP and franchise content, compressing valuations for standalone features.

Revenue share structures in film crowdfunding historically underperform equity or royalty-based securities. A 2024 study by the Crowdfunding Professional Association found that 73% of film projects on Reg CF platforms failed to reach their minimum funding goals. Of those that did close, median investor returns were 0.4X after three years.

The supernatural romance genre shows stable but modest performance. Horror films generated $1.2 billion in North American box office revenue in 2024 (Box Office Mojo), but romantic dramedies with supernatural elements occupy a narrow distribution channel between arthouse and commercial exhibition.

Ghost in Indiana competes for attention and capital with hundreds of independent features seeking crowdfunding annually. Success depends less on market size than on the team's distribution relationships, festival strategy, and ability to convert the existing ghost tour customer base into film audiences.

The tour business model provides a potential distribution advantage. The Haunt Ghost Tours reports 800+ five-star reviews and regular sellouts in San Francisco. If the production team can activate this audience for theatrical or streaming releases, the film gains built-in marketing infrastructure that most independent features lack.

What Are the Key Terms?

Ghost in Indiana offers revenue share securities with a 1.20X return multiple. This structure means investors receive 120% of their initial investment from net revenues before other stakeholders participate in profits.

Revenue share differs fundamentally from equity. Investors do not own shares in the company. They hold a contractual right to a percentage of defined revenues until reaching the 1.20X cap. Once the multiple is paid, the security terminates.

The offering lists no valuation. Revenue share securities do not require pre-money or post-money valuation calculations because investors do not acquire ownership percentages.

The 1.20X multiple is below industry standard for film revenue shares. According to the community-led capital formation analysis, entertainment crowdfunding campaigns typically offer 1.5X to 2.0X multiples to compensate for illiquidity and execution risk.

The listing does not specify which revenue streams count toward the multiple. Key questions include:

• Does the multiple apply to gross receipts or net revenues after distribution costs?
• Are foreign sales, streaming licenses, and ancillary rights included?
• What expenses reduce the revenue base before calculating investor payments?
• Is there a sunset date after which unpaid securities expire?

Without an SEC filing, these terms remain undefined. Investors should request the full offering circular or private placement memorandum before committing capital.

The minimum investment of $100 makes the offering accessible to retail investors under Regulation Crowdfunding. Individuals can invest up to $2,500 per year in Reg CF offerings if their annual income and net worth are both less than $124,000 (SEC 2025 limits).

What Does a 1.20X Revenue Share Mean for Returns?

Revenue share securities pay investors a percentage of defined revenues until reaching a predetermined multiple of the original investment. Ghost in Indiana offers 1.20X, meaning an investor who commits $1,000 receives payments totaling $1,200 before the security terminates.

The structure front-loads investor returns but caps upside. If the film generates $10 million in net revenues, investors still receive only 1.20X. Equity holders capture all appreciation beyond the revenue share multiple.

Payment timing depends entirely on revenue generation. Independent films typically follow this revenue timeline:

• Months 0-6: Festival circuit screenings generate no revenue
• Months 6-18: Limited theatrical release and early streaming licenses
• Months 18-36: Secondary streaming platforms and international distribution
• Years 3-7: Catalog sales and ancillary rights

Most revenue share payments occur in years two through four. Early payments are rare unless the film secures a major distribution deal pre-release.

Compare this to equity structures in strategic venture capital where investors own a percentage of company value. Equity provides unlimited upside but typically takes longer to liquidate.

The 1.20X multiple produces a 20% gross return if fully paid. Assuming a three-year payment timeline, the internal rate of return equals approximately 6.3% annually before fees. This return profile competes poorly with liquid public market alternatives unless investors believe the film will pay out faster than typical independent features.

How Can You Invest in Ghost in Indiana?

Ghost in Indiana is testing the waters, not accepting binding investments. The company must file Form C with the SEC and transition to an active Regulation Crowdfunding campaign before processing commitments.

View the current status on the KingsCrowd listing page. The page shows $58,710 in non-binding pledges as of the campaign launch on January 18, 2026.

Once the offering goes live, accredited and non-accredited investors can participate through Wefunder. The minimum investment is $100.

Regulation Crowdfunding limits how much individuals can invest annually across all Reg CF offerings:

• If annual income and net worth are both less than $124,000: invest up to $2,500 per year
• If either income or net worth exceeds $124,000: invest up to 10% of the lesser of annual income or net worth, not to exceed $124,000

Accredited investors face no Reg CF investment limits but should consider how film revenue shares fit within a diversified portfolio. The angel investing guide recommends allocating no more than 10% of investable assets to early-stage and alternative investments.

Revenue share securities offer no secondary market. Unlike publicly traded stocks or even some equity crowdfunding investments with limited liquidity events, revenue shares pay out only as the underlying asset generates cash flow. Investors should assume a 3-7 year illiquidity period.

Film production carries binary risk. According to the Independent Film & Television Alliance (2024), 60% of independent features fail to recoup production costs through distribution. The presence of festival recognition and an existing tour business reduces but does not eliminate execution risk.

Before investing, request:

• Full production budget breakdown
• Distribution strategy and existing relationships
• Revenue waterfall showing payment priority
• Resumes and prior box office performance for key team members
• Completion bond or insurance documentation

What Makes This Different From Other Film Crowdfunding Campaigns?

Ghost in Indiana stands out for the existing business infrastructure behind the production team. Most film crowdfunding campaigns operate as standalone entities with no revenue-generating operations. The connection to The Haunt Ghost Tours provides a built-in audience and marketing channel.

The San Francisco ghost tour business reports 826 reviews and 98% traveler recommendations. Tours sell out regularly according to the website. If the production team can convert even 5% of annual tour participants into ticket buyers or streaming subscribers, the film enters distribution with a quantifiable audience base.

But the listing does not clarify the legal and operational relationship between the tour business and the film production. Key questions remain:

• Does The Haunt Ghost Tours fund any portion of production costs?
• Will tour revenue cross-collateralize against film revenue for investor payments?
• Are tour customer lists available for marketing campaigns?
• Does the tour business own any rights to the film IP?

The Slamdance recognition provides third-party validation of script quality. Slamdance selected 25 screenplays from thousands of submissions in 2024. Past winners include films that premiered at major festivals and secured distribution deals, though the competition does not guarantee commercial success.

The co-director structure is less common in independent film. Shared creative control can strengthen productions when directors bring complementary skills, or create conflicts during principal photography. Investors should review each director's prior work and understand how decision-making authority is allocated.

Revenue share at 1.20X positions this offering at the conservative end of film crowdfunding terms. Many campaigns offer 1.5X to 2.0X multiples, or hybrid structures combining revenue share with equity upside. The lower multiple may reflect confidence in revenue generation, or difficulty attracting capital at higher multiples during test-the-waters phase.

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Frequently Asked Questions

What is a revenue share security in film crowdfunding?

A revenue share security entitles investors to a percentage of defined film revenues until reaching a predetermined multiple of the original investment. Ghost in Indiana offers 1.20X, meaning investors receive 120% of their investment from net revenues before the security terminates. This structure differs from equity ownership which provides unlimited upside but typically longer liquidation timelines.

How does test-the-waters status affect this offering?

Test-the-waters allows Ghost in Indiana to gauge investor interest before filing formal SEC documents. Current pledges are non-binding. The company must submit Form C and transition to an active Regulation Crowdfunding campaign before accepting investments. Financial projections and detailed terms remain preliminary until SEC filing.

What happens if the film never generates revenue?

Revenue share securities pay only if the underlying asset generates cash flow. If Ghost in Indiana fails to secure distribution or generates revenues below production costs, investors may receive partial payments or no return. Unlike debt securities with fixed maturity dates, revenue shares typically include no repayment obligation beyond available revenues.

Can I sell my revenue share before the 1.20X multiple is reached?

No secondary market exists for film revenue share securities. Investors should assume a 3-7 year illiquidity period with no ability to exit before payments complete. This contrasts with equity crowdfunding where some platforms facilitate limited secondary trading.

How does the ghost tour business affect film investment risk?

The Haunt Ghost Tours provides built-in marketing infrastructure and audience access that most independent films lack. However, the offering does not specify whether tour revenues cross-collateralize with film revenues or how the entities share resources. Investors should clarify the legal relationship before committing capital.

What film distribution channels count toward the revenue share?

The listing does not specify which revenue streams apply to the 1.20X multiple. Investors should confirm whether theatrical box office, streaming licenses, international sales, and ancillary rights all contribute to payments. The definition of "net revenues" versus "gross receipts" significantly impacts investor returns.

How much can I invest in Ghost in Indiana under Reg CF rules?

Non-accredited investors with annual income and net worth both under $124,000 can invest up to $2,500 per year across all Reg CF offerings. If either income or net worth exceeds $124,000, individuals can invest up to 10% of the lesser amount, capped at $124,000 annually. Accredited investors face no Reg CF investment limits.

When will Ghost in Indiana begin principal photography?

The offering materials do not specify a production timeline. Film projects typically require 12-18 months from funding close to principal photography completion. Investors should request a detailed production schedule including pre-production, shooting dates, post-production, and festival submission deadlines before investing.

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Angel Investors Network provides marketing and education services, not investment advice. Consult qualified counsel before making investment decisions.