Letterboxd, the prominent social media platform tailored for film enthusiasts, has recently undergone a significant change in ownership. Cofounder Matthew Buchanan announced on Friday that Tiny, a well-known venture capital firm, has successfully acquired a 60% stake in the company. As reported by The New York Times, this strategic deal values Letterboxd at an impressive figure exceeding $50 million. Despite this change, Buchanan and fellow cofounder Karl von Randow will maintain minority shareholder positions and continue their leadership roles, reassuring users that “very little else will change” in the platform’s operation and vision.

Established in 2011, Letterboxd carved out a unique niche as an independently owned social network dedicated to cinema enthusiasts. The platform experienced remarkable growth during the pandemic lockdowns, as individuals confined at home sought new films to stream and communities to engage with. Unlike the cluttered experience of Amazon-owned IMDb, Letterboxd emerged as a sanctuary for movie lovers, offering features that allow users to write and read reviews, rate films, create personalized watch lists, and connect with fellow aficionados. This focus on community and user experience sets Letterboxd apart in the realm of film-related social media.

The cofounders of Letterboxd describe this ownership transition as a positive step towards growth rather than merely selling out for financial gain. “Teaming up with Tiny represents a significant leap forward for us,” Buchanan and von Randow expressed in a statement. They emphasized that this collaboration is a remarkable victory for their vibrant community, as it enables them to secure the future of Letterboxd with enhanced resources while preserving the unique DNA that makes the platform special and beloved by its users.

Currently, Letterboxd does not support television series, but the founders are actively working on a strategy to incorporate this feature in the future. They have stated their commitment to introducing TV shows “only when we know we can do it right,” ensuring that any expansion aligns with their high standards. Earlier this year, Letterboxd forged a partnership with Netflix, integrating the streaming service’s recommendations into the social platform, which has enhanced the user experience for discovering new content.

“We’ve been huge fans and users of Letterboxd for a long time and could not be more excited to join forces with Matthew, Karl, and the rest of the team for the long-term,” stated Andrew Wilkinson, Co-founder of Tiny. “If you’re running out of things to watch, it’s because you haven’t used Letterboxd yet — we firmly believe that the potential for superior discovery on this platform represents a major opportunity for all film lovers.”