Letterboxd, the social platform for film buffs, reportedly looking for new owner

In Brief

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

Semafor reported Sunday that Canadian holding institution Tiny, which owns immoderate 60 percent of Letterboxd, has been courting assorted imaginable buyers, including Versant, the genitor institution of CNBC and MS NOW (formerly MSNBC). Another imaginable purchaser is The Ankler, a fashionable Hollywood newsletter, according to Semafor. Tiny bought the level successful 2023, valuing it astatine implicit $50 million. It’s unclear whether the 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 the 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, the tract has seen interest from movie studios, which spot it some arsenic a conveyance for selling films and a root of accusation astir moviegoer trends, arsenic good arsenic from the Oscars, which teamed up with the societal level in a integer contented partnership respective years ago.

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