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 p.c 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 steer 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 films to stream (and communities to talk with). Missing the litter of Amazon-owned IMDb, the positioning and app supplied a haven for film buffs who wished to write down and browse opinions, fee films, create watch lists, and socialize with fellow lovers.

Letterboxd’s founders framed the transfer as much less about promoting out for large cash and extra as a chance 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 neighborhood, enabling us to reinforce the way forward for Letterboxd with extra 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 approach to offer that. They insist they wish to combine TV reveals “solely after we know we will 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 large 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 crew for the long run,” mentioned Andrew Wilkinson, co-founder of Letterboxd. small measurement. “If you happen to’re working 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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