Letterboxd Sees Acquisition Interest From A24, Sony and the New York Times
Letterboxd, a social network for movie lovers where both everyday fans and auteurs like Francis Ford Coppola and Rian Johnson share reviews, lists and cinema tidbits, has surged in popularity in recent years.Now, four years after a sale to a Canadian technology holding company called Tiny, it is attracting interest from suitors enamored by the site’s obsessive audience and the subscription and advertising revenue streams it provides.A number of suitors have submitted expressions of interest, including The New York Times Company, Sony Pictures Entertainment and A24, the independent film studio, according to seven people familiar with the sales process who spoke on the condition of anonymity to discuss confidential matters.Any deal is expected to value Letterboxd at more than $300 million — roughly 20 times its projected earnings this year of roughly $15 million, three of the people said.Letterboxd was founded in 2011 by Matthew Buchanan and Karl von Randow, two designers from New Zealand who lamented the dearth of online communities around film.The site, elegant and simple, is driven by core features like lists, reviews and personal diaries tracking the movies users have watched.There are “challenges” that encourage the site’s members to take an active role in a largely passive medium, including “Horror x 52,” where users log different types of horror films they have watched over a year.
Another is the Criterion Challenge, which has Letterboxd fans watching dozens of movies from the Criterion Collection, a prestigious selection of the best in contemporary and classic film from around the world.And there are jokes aplenty.
“R.I.P.Odysseus, you definitely would’ve loved Google Maps,” read one 4.5-star review of “The Odyssey” this summer.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.
If you are in Reader mode please exit and log into y...