Letterboxd has surged in recognition lately. As soon as a distinct segment website for under essentially the most fervent of movie nerds, the location — which permits customers to price, assessment, and advocate films to 1 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 need 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, 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 kind of deal.
Representatives for Letterboxd and Tiny didn’t instantly present remark when reached by TechCrunch.
Based in 2011, Letterboxd noticed a leap in customers up to now few years, climbing to about 26 million customers this 12 months, up from 1.7 million in 2020, in line with The New York Occasions. In recent times, the location has seen curiosity from film studios, which see it each as a car for advertising movies and a supply of details about moviegoer developments, 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.
