Letterboxd, the popular social platform for movie enthusiasts, is reportedly in discussions with potential buyers, including streaming giant Netflix, Sony Pictures, and Paramount, according to the industry newsletter Puck. The company is majority-owned by Canadian holding company Tiny, which acquired a 60% stake in 2023, with co-founders Matthew Buchanan and Karl von Randow holding the remaining 40%. The report suggests a valuation of $250 million has been floated.
Potential buyers and valuation
In addition to Netflix, Sony, and Paramount, other potential buyers include private equity firms TPG and Redbird, as well as Reddit co-founder Alexis Ohanian, husband of Serena Williams. Tiny has also held talks with Comcast's parent company, Versant, about a possible acquisition, according to a Semafor report.
Growth and user base
Since its launch in 2011, Letterboxd has seen steady growth, with a significant surge during the pandemic. It now boasts over 26 million users worldwide, primarily aged 18 to 35. The platform has become a beloved community for young film enthusiasts, attracting celebrities like Charli XCX, Ayo Edebiri, and Martin Scorsese, who actively log films, write reviews, and share watch lists.
Letterboxd's Four Favorites video series regularly features Hollywood A-listers such as Kate Winslet, Dustin Hoffman, and Uma Thurman discussing their most-loved movies.
Platform features and appeal
In December, Letterboxd launched an in-app video rental store focusing on niche arthouse titles that are hard to find on streaming platforms. A press release from Letterboxd stated: "Think of it as curated shelves instead of just scrolling lists endlessly without being able to make up your mind on what to watch."
The platform's narrow focus on cinema is a key draw for users. In a Guardian article last year, Alaina Demopoulos wrote: "Most people agree that Letterboxd’s strength as a social networking site lies in what it doesn’t have: there’s no way to message people or post pictures."
The Guardian has reached out to Letterboxd for comment.
