Letterboxd has been acquired by Tiny, a Canadian holding company, in a deal that values the popular social site for film fanatics at over $50 million.
Letterboxd was founded in 2011 by two entrepreneurs in New Zealand, Matthew Buchanan and Karl von Randow. It recently topped 10 million registered accounts, after seeing a particularly sizable surge during the COVID pandemic, and has attracted celebrity users including Margot Robbie, Olivia Rodrigo, Ava DuVernay and Christopher McQuarrie.
Tiny, based in Victoria, British Columbia, now owns a 60% majority stake in Letterboxd, giving it a valuation of between $50 million and $60 million, a source familiar with the deal told Variety. Buchanan and von Randow will retain minority positions in the business and continue to lead the company. Letterboxd, known as the “Goodreads for movies,” plans to capitalize on the new ownership of Tiny to further establish the platform as the leading social network for film buffs worldwide.
“Teaming up with Tiny represents a big leap forward for us,” Buchanan and von Randow said in a statement. “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.”
Tiny co-founder Andrew Wilkinson commented, “We’ve been huge fans and users of Letterboxd for a long time and could not be more excited to join forces with Matt, Karl and the rest of the team for the long-term. Our aim is to make Letterboxd the ultimate destination for anyone looking to discover or discuss movies online… and we believe the untapped market potential for superior discovery and discussion is a huge opportunity.”
Letterboxd’s media arm includes the online magazine Journal; “The Letterboxd Show” podcast; and multiple other routes for “films and their talent to be showcased.”