The film-focused social media site LetterBoxd has undergone a change in ownership. Matthew Buchanan, one of the cofounders, announced on Friday that Tiny, a venture capital firm, has acquired a 60 percent stake in the platform. According to The New York Times, this deal values Letterboxd at over $50 million. Despite the change in ownership, Buchanan and fellow founder Karl von Randow will still hold minority shareholder positions and will continue to lead the company. They assure users that “very little else will change.”
Established in 2011, Letterboxd was a unique social network that remained independently owned. It experienced significant growth during the pandemic as users, confined to their homes, sought out new movies to stream and communities to engage with. Unlike the cluttered Amazon-owned IMDb, Letterboxd provided a sanctuary for film enthusiasts who wanted to write and read reviews, rate movies, create watch lists, and connect with like-minded individuals.
The cofounders of Letterboxd view this change in ownership as an opportunity for growth rather than a sell-out to big money. They see teaming up with Tiny as…
2023-09-29 15:16:46
Article from www.engadget.com rnrn