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Letterboxd is promoting a majority stake after explosive progress fueled by the pandemic


Sep 29, 2023
Letterboxd is selling a majority stake after explosive growth fueled by the pandemic

Movie-focused social media website LetterBoxd has new possession. Co-founder Matthew Buchanan Announce Tiny, a enterprise capital agency, introduced on Friday that it had bought a 60 % stake within the platform. New York instances mentioned The deal values ​​Letterboxd at greater than $50 million. Buchanan and fellow founder Karl von Rando will retain their minority shareholder positions and proceed to guide the corporate as they insist that “little or no will change.”

Based in 2011, Letterboxd was a uncommon independently owned social community. He. She It has grown 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 positioning and app supplied a haven for film buffs who wished to jot down and skim critiques, price motion pictures, create watch lists, and socialize with fellow fanatics.

Letterboxd’s founders framed the transfer as much less about promoting out for giant cash and extra as a possibility for progress. “Collaborating with Tiny represents an enormous leap ahead for us,” Buchanan and von Rando wrote in an announcement. “We see this as an enormous win for our group, enabling us to reinforce the way forward for Letterboxd with extra assets with out sacrificing the DNA of what makes it particular.”

The location doesn’t presently help TV sequence, however the founders say they’re engaged on a manner to offer that. They insist they need to combine TV exhibits “solely after we know we are able to do it proper.” letterboxed In partnership with Netflix Earlier this yr, it introduced the streaming service’s suggestions to the social media platform.

“We have been huge followers and customers of Letterboxd for a very long time and could not be extra excited to hitch forces with Matthew, Carl and the remainder of the group for the long run,” stated Andrew Wilkinson, co-founder of Letterboxd. small dimension. “If you happen to’re operating out of issues to observe, it is as a result of you have not used Letterboxd but — and we imagine premium discovery is a big alternative.”

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