Letterboxd, The Social Platform For Film Buffs, Reportedly Looking For New Owner

In Brief

Letterboxd has surged successful fame successful caller years. Once a niche site for only nan astir fervent of movie nerds, nan tract — which allows users to rate, review, and urge movies to 1 different — has continued to adhd accounts by nan tens of millions, thanks mostly to liking from Millennials and Gen-Z. Now, nan company’s controlling investor has apparently made it known that they are looking to rate out.

Semafor reported Sunday that Canadian holding institution Tiny, which owns immoderate 60 percent of Letterboxd, has been courting various imaginable buyers, including Versant, nan genitor institution of CNBC and MS NOW (formerly MSNBC). Another imaginable purchaser is The Ankler, a celebrated Hollywood newsletter, according to Semafor. Tiny bought nan level successful 2023, valuing it astatine complete $50 million. It’s unclear whether nan institution has neared immoderate benignant of deal.

Representatives for Letterboxd and Tiny did not instantly supply remark erstwhile reached by TechCrunch.

Founded successful 2011, Letterboxd saw a jump successful users successful nan past fewer years, climbing to astir 26 cardinal users this year, up from 1.7 cardinal successful 2020, according to The New York Times. In caller years, nan tract has seen interest from movie studios, which spot it some arsenic a conveyance for trading films and a root of accusation astir moviegoer trends, arsenic good arsenic from nan Oscars, which teamed up pinch nan societal level in a integer contented partnership respective years ago.

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