Letterboxd has surged in recognition lately. As soon as a niche site for less than essentially the most fervent of movie nerds, the positioning — which permits customers to price, overview, and advocate motion pictures to 1 one other — has continued so as to add accounts by the tens of tens of millions, thanks largely to interest from Millennials and Gen-Z. Now, the corporate’s controlling investor has apparently made it recognized that they wish to money out.
Semafor reported Sunday that Canadian holding firm Tiny, which owns some 60 % of Letterboxd, has been courting numerous potential consumers, together with Versant, the dad or mum firm of CNBC and MS NOW (previously MSNBC). One other potential purchaser is The Ankler, a well-liked Hollywood e-newsletter, based on Semafor. Tiny bought 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 jump in users previously few years, climbing to about 26 million customers this 12 months, up from 1.7 million in 2020, according to The New York Times. In recent times, the positioning has seen interest from film studios, which see it each as a automobile 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 partnership a number of years in the past.
