Letterboxd May Change Owners After Reaching 30 Million Users
The movie enthusiast platform Letterboxd, with 30 million users, is attracting interest from potential buyers including A24, Sony, and The New York Times.
Letterboxd, the social network for film enthusiasts, may be on the verge of a change in ownership. Four years after its acquisition by Canadian technology holding company Tiny, the platform is reportedly drawing attention from potential suitors such as A24, The New York Times Company, and Sony Pictures Entertainment.
The platform, founded in 2011, has cultivated a dedicated community where users share reviews and track their viewing habits. This user base has grown significantly, reaching 30 million users from 1.8 million in 2020. Its combination of a devoted audience, subscription service, and advertising revenue is reportedly driving interest.
Sources suggest Letterboxd's valuation could exceed $300 million. This figure is based on its projected earnings of $15 million this year and the potential for growth under a new owner. Industry analysts note that potential acquirers see value in integrating Letterboxd's tools and community into broader film distribution or streaming services.
The company's substantial user growth and engagement are key factors in the current interest from major players in the entertainment and media industries.