Letterboxd sells majority stake after explosive pandemic-fueled growth

THE focused on cinema social media site Letter box has new ownership. Co-founder Matthew Buchanan announcement on Friday that Tiny, A adventure capital farm, has bought A 60 percent bet In THE platform. THE New York Schedules reportedthat THE agreement values Letter box has on $50 million. Buchanan And companion founder Carl von Randow will retain minority shareholder positions And continue has lead THE business as they insist "very little other will change. »

Based In 2011, Letter box was A rare independently possesses social network. He grown up significantly during pandemic confinements as confined to the house users research new movies has flow (And communities has cat with). Missing THE mess of Amazon property IMDb, THE website And application provided A haven For movie amateurs WHO research has to write And read Comments, rate movies, create watch lists And socialize with companion passionate.

Mail boxes co-founders frame THE move as less about sale out has big money And more A growth opportunity. " Team up up with Tiny represented A big leap Before For We," Buchanan And von Randow wrote In A statement. "We see This as A huge earn For OUR community, allow We has cement Mail boxes future with additional resources without sacrifice THE DNA of What makes he special."

THE site doesn't Currently support television series, but THE founders say they are functioning on A path has offer that. They insist they to want has to integrate TV watch "only once We know We can TO DO he RIGHT." Letter box in partnership with Netflix earlier This year, bringing THE streaming services recommendations has THE social platform.

"We have has been huge Fans And users of Letter box For A long time And could not be more excited has join forces with Matthew, Karl, And THE rest of THE team For THE long term," said Andrew Wilkinson, Co-founder of Tiny. "If You are running out of things has watch, It is because You do not have used Letter box Again — And We believe that THE potential For superior Discovery East A big opportunity. »