Letterboxd, Online Haven for Film Nerds, Gets a New Owner (nytimes.com) 1
Two designers from New Zealand built a wildly popular social network for movie buffs. Now, they're cashing in (and sticking around for the sequel). The New York Times: The "Barbie" star Margot Robbie created an account. Ditto Rian Johnson, the "Knives Out" auteur. Christopher McQuarrie, Tom Cruise's directing partner, has used his to heap praise on another action star (Sylvester Stallone). Letterboxd, the social network for recommending and reviewing movies, has become a kind of shibboleth for film nerds over the past decade. Roughly 10 million people now use the service to share their favorites: You like Studio Ghibli, too? What's your favorite Spike Lee joint?
The service has not undergone any revolutionary changes since it was founded in 2011. But Letterboxd is undergoing two big changes: a new owner and, eventually, user recommendations and review of TV shows. Matthew Buchanan and Karl von Randow, Letterboxd's founders, announced on Friday that they were selling a majority stake in the service to Tiny, a public company in Victoria, British Columbia. The deal values Letterboxd at more than $50 million, said a person familiar with the sale, who spoke on the condition of anonymity to discuss confidential financial information.
Mr. Buchanan and Mr. von Randow, two entrepreneurs based in New Zealand, have reassurances for their users who may be afraid of what a sale could mean for their corner of the internet. First, neither co-founder is planning to leave any time soon, and both will remain shareholders. And the service itself isn't changing immediately. The proposal to incorporate TV is still in its infancy, and the founders said they did not expect that the addition would disrupt their existing products.
The service has not undergone any revolutionary changes since it was founded in 2011. But Letterboxd is undergoing two big changes: a new owner and, eventually, user recommendations and review of TV shows. Matthew Buchanan and Karl von Randow, Letterboxd's founders, announced on Friday that they were selling a majority stake in the service to Tiny, a public company in Victoria, British Columbia. The deal values Letterboxd at more than $50 million, said a person familiar with the sale, who spoke on the condition of anonymity to discuss confidential financial information.
Mr. Buchanan and Mr. von Randow, two entrepreneurs based in New Zealand, have reassurances for their users who may be afraid of what a sale could mean for their corner of the internet. First, neither co-founder is planning to leave any time soon, and both will remain shareholders. And the service itself isn't changing immediately. The proposal to incorporate TV is still in its infancy, and the founders said they did not expect that the addition would disrupt their existing products.
Selling majority share = value-focused, user-build (Score:3)