The film-focused social media site LetterBoxd has new ownership. Cofounder Matthew Buchanan announced on Friday that Tiny, a venture capital firm, has bought a 60 percent stake in the platform. The New York Times reported that the deal values Letterboxd at over $50 million. Buchanan and fellow founder Karl von Randow will retain minority shareholder positions and continue to lead the company as they insist “very little else will change.”
Founded in 2011, Letterboxd was a rare independently owned social network. It grew significantly during pandemic lockdowns as homebound users sought new movies to stream (and communities to chat with). Lacking the clutter of Amazon-owned IMDb, the website and app provided a haven for film buffs who wanted to write and read reviews, rate movies, create watch lists and socialize with fellow enthusiasts.
Letterboxd’s cofounders frame the move as less about selling out to big money and more a growth opportunity. “Teaming up with Tiny represents a big
