Social Film Platform Letterboxd Reportedly Seeking New Owner
▼ Summary
– Letterboxd, a movie rating and review platform, has grown to 26 million users in 2024, up from 1.7 million in 2020, driven by millennial and Gen Z interest.
– Canadian holding company Tiny, which owns about 60% of Letterboxd, is seeking to sell its stake, having courted potential buyers like Versant and The Ankler.
– Tiny purchased Letterboxd in 2023, valuing the platform at over $50 million, but no deal has been confirmed.
– Movie studios and the Oscars have shown interest in Letterboxd, using it for film marketing, trend analysis, and a digital content partnership.
– Representatives for Letterboxd and Tiny did not provide comment on the reported sale process.
Once a quiet sanctuary for die-hard cinephiles, Letterboxd has exploded into a mainstream cultural force, now reportedly attracting the attention of major media buyers. The social platform, where users can rate, review, and recommend films, has seen its user base swell into the tens of millions, driven largely by millennial and Gen Z engagement. Now, according to a report from Semafor, the company’s majority owner is actively shopping for a buyer.
The Canadian holding company Tiny, which controls roughly 60% of Letterboxd, has been in discussions with several potential acquirers. Among the interested parties is Versant, the parent company behind CNBC and MS NOW (formerly MSNBC). Also reportedly circling is The Ankler, a well-known Hollywood industry newsletter. Tiny originally acquired the platform in 2023, placing its valuation at over $50 million. It remains unclear whether any deal is close to being finalized.
Representatives from both Letterboxd and Tiny did not respond immediately to requests for comment from TechCrunch.
Launched in 2011, Letterboxd has experienced a dramatic surge in popularity. The platform now boasts roughly 26 million users, a staggering jump from just 1.7 million in 2020, as reported by The New York Times. This growth has not gone unnoticed by Hollywood. Major film studios increasingly view the site as a powerful marketing vehicle and a valuable lens into audience behavior. Even the Academy of Motion Picture Arts and Sciences has taken notice, partnering with the social platform for a digital content collaboration in recent years.
(Source: TechCrunch)
