Thursday, June 13, 2024

Letterboxd sells a majority stake after explosive pandemic-fueled growth

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The film-focused social media web site LetterBoxd has new possession. Cofounder Matthew Buchanan announced on Friday that Tiny, a enterprise capital agency, has purchased a 60 p.c stake within the platform. The New York Occasions reported that the deal values Letterboxd at over $50 million. Buchanan and fellow founder Karl von Randow will retain minority shareholder positions and proceed to steer the corporate as they insist “little or no else will change.”

Based in 2011, Letterboxd was a uncommon independently owned social community. It grew significantly throughout pandemic lockdowns as homebound customers sought new motion pictures to stream (and communities to speak with). Missing the muddle of Amazon-owned IMDb, the web site and app supplied a haven for movie buffs who wished to jot down and browse opinions, charge motion pictures, create watch lists and socialize with fellow fans.

Letterboxd’s cofounders body the transfer as much less about promoting out to large cash and extra a development alternative. “Teaming up with Tiny represents a giant leap ahead for us,” Buchanan and von Randow wrote in an announcement. “We see this as an enormous win for our neighborhood, enabling us to cement Letterboxd’s future with extra assets with out sacrificing the DNA of what makes it particular.”

The positioning doesn’t at present assist tv sequence, however the founders say they’re engaged on a approach to provide that. They insist they need to incorporate TV reveals “solely as soon as we all know we are able to do it proper.” Letterboxd partnered with Netflix earlier this yr, bringing the streaming service’s suggestions to the social platform.

“We’ve been enormous followers and customers of Letterboxd for a very long time and couldn’t be extra excited to hitch forces with Matthew, Karl, and the remainder of the group for the long-term,” stated Andrew Wilkinson, Co-founder of Tiny. “In the event you’re operating out of issues to look at, it’s since you haven’t used Letterboxd but — and we imagine that the potential for superior discovery is a big alternative.”

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