Film-focused social network Letterboxd, founded by New Zealand entrepreneurs Matthew Buchanan and Karl von Randow, has been acquired by Canadian holding firm Tiny in a deal reported to be worth more than $US50 million.
The site, which allows people to review films and share what they’re watching, has more than 10 million users worldwide across 200 countries. Letterboxd has also formed industry partnerships in the last year with organisations such The Academy and Netflix, and has started editorial brands such as digital publication Journal and The Letterboxd Show podcast.
Buchanan and von Randow retain a minority stake in the business, and will continue to lead it independently; the deal with Tiny is designed to allow Letterboxd to grow. While the site is focused only on film for now, the New York Times reports TV reviews are coming.
“Teaming up with Tiny represents a big leap forward for us,” said the co-founders in a joint statement.
“Tiny’s impressive track record, which includes spurring the growth of the thriving design community, Dribbble, speaks to their ability to cultivate and grow businesses like ours without altering the fundamental components that have made them successful. 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 said its aim was to make Letterboxd “the ultimate destination for anyone looking to discover or discuss movies online.”.
“If you’re running out of things to watch, it’s because you haven’’t used Letterboxd yet—and we believe the untapped market potential for superior discovery and discussion is a huge opportunity.”