Letterboxd has surged in recognition in recent times. As soon as a area of interest website for less than probably the most fervent of movie nerds, the positioning — which permits customers to fee, evaluation, and advocate films to 1 one other — has continued so as to add accounts by the tens of tens of millions, thanks largely to curiosity from millennials and Gen Z. Now, the corporate’s controlling investor has apparently made it identified that they need to money out.
Semafor reported Sunday that Canadian holding firm Tiny, which owns some 60% of Letterboxd, has been courting varied potential patrons, together with Versant, the father or mother firm of CNBC and MS NOW (previously MSNBC). One other potential purchaser is The Ankler, a well-liked Hollywood e-newsletter, in accordance with Semafor. Tiny purchased the platform in 2023, valuing it at over $50 million. It’s unclear whether or not the corporate has neared any type of deal.
Representatives for Letterboxd and Tiny didn’t instantly present remark when reached by TechCrunch.
Based in 2011, Letterboxd noticed a bounce in customers previously few years, climbing to about 26 million customers this 12 months, up from 1.7 million in 2020, in accordance with The New York Instances. Lately, the positioning has seen curiosity from film studios, which see it each as a automobile for advertising movies and a supply of details about moviegoer developments, in addition to from the Oscars, which teamed up with the social platform in a digital content material partnership a number of years in the past.
