Letterboxd, the social network platform designed for film nerds, could be getting new owners soon, raising fresh worries that enshittification is just around the corner.
Semafor reports that the platform’s controlling investor, the Canadian private equity firm Tiny, has reportedly had discussions with several potential buyers. This includes Versant, the parent company of several cable channels such as CNBC, MS NOW, and Syfy. The company has also had new talks with the Hollywood startup Ankler Media, which reportedly passed on an offer to buy the platform in 2025. Instead, the two parties teamed up on a newsletter and a series of industry events.
Letterboxd and Tiny did not immediately respond to requests for comment from Gizmodo.
Tiny first bought its 60% stake in Letterboxd in 2023, valuing the company at around $50 million. At the time, many users feared the worst—that Letterboxd would suffer from enshittification, an online term for when platforms degrade over time as companies focus on maximizing profits over user experience—think more ads, more rushed AI, and terrible algorithms.
Fortunately, not much has changed on the platform since Tiny’s purchase. In the announcement of the deal in 2023, Tiny said that Letterboxd’s founders would continue to lead the business independently, while it would help accelerate the platform’s growth. So far, that promise has largely held.
Letterboxd was first founded in 2011 in New Zealand as an online community for cinephiles where they can log, rate, and review movies. Semafor reports that the platform now has 26 million users. The platform has most notably been credited with driving a revival of interest in the movies among the younger Gen Z demographic, a cohort that Hollywood feared would be permanently lost to YouTube and short-form video.
Outside of its core users, many people probably recognize Letterboxd from its broader social media presence with viral videos where celebrities at red carpets are asked to name their top four movies, a question pulled directly from a popular feature on the platform, and react to user reviews of their own films.
Late last year, Letterboxd also launched a new online movie rental service called the Video Store, a nod to now-defunct physical rental shops. Their online video store focuses on film discovery and hard-to-find titles, including classics and international movies.
But now, as Tiny looks to cash out, there is no guarantee what changes could be coming for the beloved movie review site, which caters to a devoted, opinionated audience of cinephiles.
Still, there is some hope.
Semafor notes that Letterboxd co-founder Matthew Buchanan retains veto rights over any potential buyer, a power that could help stave off any of the worst potential buyers.
