While the creation of software under the FLOSS paradigm is a well-established and recognized mode of production, the peer collaborative production of Open Content Film is a fairly new phenomenon. The two approaches share several common features: both are characterized by the massive collaboration of actors in a shared creative space and both are enabled by Information and Communication Technologies, in particular the Internet. But technology itself is not sufficient to create and maintain a shared creative space. A governance structure resting on a legal framework and a set of control and incentive mechanisms regulates the transactions between the collaborators and is designed to ensure coordination. In this paper we will outline the legal and organizational challenges faced by the first major Open Content Film production ‘A Swarm of Angels’ (ASOA) in creating and maintaining a shared space for collaborative film making. We will pay particular attention to the differences with the practices of the FLOSS community. The study will be based on a series of interviews with ASOA founder Matt Hanson and the major contributors to his project, the analysis of the discussion threads about the appropriate organizational and legal structure for this Open Film project, taken from the community’s online discussion forum, and the available legal documents governing membership in the ‘Swarm’. The discussion of the legal and organizational aspects is pivotal in the debate about whether a peer collaborative production model could be applied to other industries than software production, in particular to industries which involve not purely informational goods and hence rely on significant funding. The technology seems to be ready. The governance capabilities to take advantage of it maybe not.