The film-focused social media web site LetterBoxd has new possession. Cofounder Matthew Buchanan announced on Friday that Tiny, a enterprise capital agency, has purchased a 60 % stake within the platform. The New York Instances 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 guide the corporate as they insist “little or no else will change.”
Based in 2011, Letterboxd was a uncommon independently owned social community. It grew significantly throughout pandemic lockdowns as homebound customers sought new films to stream (and communities to speak with). Missing the litter of Amazon-owned IMDb, the web site and app supplied a haven for movie buffs who wished to put in writing and browse evaluations, charge films, create watch lists and socialize with fellow lovers.
Letterboxd’s cofounders body the transfer as much less about promoting out to massive cash and extra a progress alternative. “Teaming up with Tiny represents a giant 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 extra sources with out sacrificing the DNA of what makes it particular.”
The positioning doesn’t at the moment help tv collection, however the founders say they’re engaged on a strategy to provide that. They insist they need to incorporate TV reveals “solely as soon as we all know we will do it proper.” Letterboxd partnered with Netflix earlier this 12 months, bringing the streaming service’s suggestions to the social platform.
“We’ve been enormous followers and customers of Letterboxd for a very long time and couldn’t be extra excited to affix forces with Matthew, Karl, and the remainder of the group for the long-term,” stated Andrew Wilkinson, Co-founder of Tiny. “If you happen to’re operating out of issues to look at, it’s since you haven’t used Letterboxd but — and we consider that the potential for superior discovery is a big alternative.”
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