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Letterboxd Attracts Major Suitors
Five fingers for Letterboxd Four // Illustration by Kate Walker
Letterboxd, the social platform of choice for cinephiles, is about to become the subject of a major bidding war.
Why It Hits: There have been few social media success stories this decade, but Letterboxd stands apart — it’s grown to 30 million users in just a few years. Given the fractured state of movie marketing, owning Letterboxd is like having a direct line to an engaged, young, and passionate audience.
Behind The Suitors: It’s still early days, but Canadian holding company Tiny, the majority owner of Letterboxd, is in talks with several suitors about a potential sale of the platform.
On the Hollywood side, Netflix, Sony, and Paramount are all circling. Versant has also held earlier talks.
But there’s interest from outside Hollywood as well, including private equity firm TPG and Seven Seven Six founder Alexis Ohanian.
The purchase price being floated for the site is $250 million, with merchant bank LionTree set to run the auction.
Final Deal: Variety notes that some may see a studio or streamer owning Letterboxd as creating “inherent conflicts.” But NBCUniversal and Warner Bros. have owned Rotten Tomatoes — arguably the closest analogue to Letterboxd — over the past decade. Today, the site is owned by Versant.
In other words, there’s plenty of precedent for a deal like this to go through.
Prediction: While any Hollywood company that acquires Letterboxd would be under a microscope for signs of favoring its own titles, that’s likely to be less of a concern than expected. Instead, expect a studio owner to mine the platform’s data and insights to shape future marketing decisions.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.