The film review platform, Letterboxd, has been acquired by a Canadian holding company called Tiny.
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Letterboxd's New Acquisition
On September 29, Letterboxd founders Matthew Buchanan and Karl von Randow announced that they will be selling the majority shares to Tiny. The New York Times reported that the deal values more than $50 million.
While the majority stake is now transferred to Tiny, both founders assured that they are not leaving the company any time soon and will remain as shareholders. "Aside from the ownership change, and in line with Tiny's core operating values, very little else will change," Buchanan stated.
Tiny founder Andrew Wilkinson also promised that he has no plans to change Letterboxd's current business model. While most of the platform's service is free, it also offers an extra service for members who are willing to pay $19 or $49 a year.
Letterboxd's Popularity
Letterboxd was originally founded in 2011 while not many people have known the platform, the company had a surge of popularity during the pandemic. Many people have come to the platform either to give feedback to movies they have seen at home or to scan for potential binge-worthy films.
Since then the company has grown its user count with around 10 million people on the platform. The site has become a go-to place for cinephiles, filmmakers, and even a couple of celebrities. Moreover, the company also has a team assigned to publish essays, interviews, and even podcasts.
As for Letterboxd's future under the new ownership Buchanan hinted some of their plans. "The future will include returning series in some form, but only once we know we can do it right," he said.
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