Letterboxd, the social media platform dedicated to film enthusiasts, has undergone a change in ownership. On Friday, cofounder Matthew Buchanan announced that venture capital firm Tiny has acquired a 60 percent stake in the platform. According to The New York Times, the deal places Letterboxd’s valuation at over $50 million. Buchanan and fellow founder Karl von Randow will retain minority shareholder positions and will continue to lead the company, assuring users that “very little else will change.”
Established in 2011, Letterboxd was a rare independently owned social network catering to film enthusiasts. During the COVID-19 pandemic lockdowns, it experienced significant growth as homebound users sought new movies to stream and engage in film-related communities. The platform provided a clutter-free alternative to Amazon-owned IMDb, offering users the ability to write and read reviews, rate films, create watch lists, and connect with fellow movie enthusiasts.
The cofounders of Letterboxd view this change in ownership as an opportunity for growth rather than a sellout to big money. In a joint statement, Buchanan and von Randow emphasized that “Teaming up with Tiny represents a big leap forward for us. We see this as a huge win for our community, enabling us to cement Letterboxd’s future with additional resources without sacrificing the DNA of what makes it special.”
While Letterboxd currently focuses on films, the founders have disclosed their intention to support television series in the future. However, they emphasize their commitment to incorporating TV shows only when they can do it correctly. Earlier this year, Letterboxd partnered with Netflix, integrating the streaming service’s recommendations into the social platform.
Andrew Wilkinson, Co-founder of Tiny, expressed enthusiasm about the acquisition, stating, “We’ve been huge fans and users of Letterboxd for a long time and could not be more excited to join forces with Matthew, Karl, and the rest of the team for the long-term. If you’re running out of things to watch, it’s because you haven’t used Letterboxd yet—and we believe that the potential for superior discovery is a large opportunity.”