The film-focused social media web site LetterBoxd has new possession. Cofounder Matthew Buchanan introduced on Friday that Tiny, a enterprise capital agency, has purchased a 60 % 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 considerably throughout pandemic lockdowns as homebound customers sought new motion pictures to stream (and communities to speak with). Missing the litter of Amazon-owned IMDb, the web site and app offered a haven for movie buffs who wished to jot down and browse evaluations, charge motion pictures, create watch lists and socialize with fellow fans.
Letterboxd’s cofounders body the transfer as much less about promoting out to massive cash and extra a development alternative. “Teaming up with Tiny represents an enormous leap ahead for us,” Buchanan and von Randow wrote in an announcement. “We see this as an enormous win for our group, enabling us to cement Letterboxd’s future with further sources 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 solution 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 12 months, bringing the streaming service’s suggestions to the social platform.
“We’ve been big 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,” mentioned Andrew Wilkinson, Co-founder of Tiny. “If you happen to’re operating out of issues to observe, it’s since you haven’t used Letterboxd but — and we imagine that the potential for superior discovery is a big alternative.”
