Popular film-focused social platform Letterboxd is up for sale, and Netflix is one of the potential buyers, eek.
The news comes courtesy of a report by industry newsletter Puck, which names the major streaming network alongside several other potential suitors.
But what could this mean for the social platform?
What is Letterboxd?
Letterboxd is a social platform where users can log the films they’ve watched, rate and review them, and curate watch lists and rankings.
There’s also the Letterboxd Video Store, self-described as “A rental store built for film discovery, curated for the Letterboxd community.”
Unlike other social platforms, Letterboxd is free of messaging and users posting pictures, making it relatively free of toxicity among the apocalyptic wastelands that dominate the digital media space.
Put simply, it’s a film-loving platform for those who love film, and it has proved wildly popular.
As it stands, Letterboxd has 26 million users worldwide, and its YouTube channel, where stars of the big screen are interviewed, often giving their ‘Four Favourites’ on the red carpet, has 294 thousand subscribers.
It has also proved to be loved by Gen Zers and Millennials alike, with 18 to 35-year-olds the most common demographic on the platform.
Who wants to buy Letterboxd?
Letterboxd’s majority owner is the Canadian holding company Tiny, which holds a 60% stake in the business.
The remaining 40% is owned by co-founders Matthew Buchanan and Karl von Randow, and according to Puck’s report, the platform could be worth $250 million.
Moreover, it looks as if Netflix, Sony Pictures, and Paramount are all keen on purchasing.
A Semafor report adds that Comcast’s parent company Versant (which owns the likes of Rotten Tomatoes and Fandango) has been approached by Tiny over the sale.
Should users be concerned?
The beauty of Letterboxd, beyond its simplicity, is its independence.
Without any studio overlords, Letterboxd is a free-thinking platform where people can curate and critique at their own discretion.
But what happens when someone like Netflix (a streaming platform that on the surface seems to be directly opposed to the cinema-first mantra of many Letterboxd users) or Paramount swoops in and buys the platform?
Will the new owners seek to squash any negative reviews of their films for their own self-interest, or micro-manage outward press on YouTube for advertorial gain?
It would be a shame to see the platform handled in this way, wouldn’t it?
Here’s hoping that Letterboxd’s new owners won’t tarnish the great recipe the platform has conjured up over the last few years.
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