Letterboxd has surged in reputation lately. As soon as a area of interest website for less than probably the most fervent of movie nerds, the positioning — which permits customers to charge, evaluation, and advocate films to at least one one other — has continued so as to add accounts by the tens of tens of millions, thanks largely to curiosity from millennials and Gen Z. Now, the corporate’s controlling investor has apparently made it recognized that they want to money out.
Semafor reported Sunday that Canadian holding firm Tiny, which owns some 60% of Letterboxd, has been courting varied potential patrons, together with Versant, the mother or father firm of CNBC and MS NOW (previously MSNBC). One other potential purchaser is The Ankler, a preferred Hollywood publication, in line with Semafor. Tiny purchased the platform in 2023, valuing it at over $50 million. It’s unclear whether or not the corporate has neared any form of deal.
Representatives for Letterboxd and Tiny didn’t instantly present remark when reached by TechCrunch.
Based in 2011, Letterboxd noticed a soar in customers up to now few years, climbing to about 26 million customers this yr, up from 1.7 million in 2020, in line with The New York Instances. In recent times, the positioning has seen curiosity from film studios, which see it each as a car for advertising movies and a supply of details about moviegoer tendencies, in addition to from the Oscars, which teamed up with the social platform in a digital content material partnership a number of years in the past.