Netflix and other big names like Sony Pictures and Paramount are eyeing a potential buyout of Letterboxd, the popular movie tracking app that’s part social network, too. Why does this matter? If one of these media giants snatches it up, it could mean major changes for film fans who love tracking and discussing movies online.
The buzz started with reports of early talks and ‘meet-and-greets’ between Letterboxd and various companies. Besides Netflix and Sony, private equity firms like TPG and RedBird, along with media investor Alexis Ohanian, are in the mix. The Canadian company Tiny, which already owns 60% of Letterboxd, is reportedly valuing the app at a whopping $250 million. For a company without a huge revenue stream, that’s pretty ambitious!
This isn’t the first time Letterboxd has caught the eye of potential buyers. Earlier this year, Versant, a company associated with Fandango and Rotten Tomatoes, also showed interest. With streaming platforms constantly evolving, the potential acquisition of Letterboxd could shake things up in the movie app world.
Are you a Letterboxd fan? Keep an eye on these developments as they could bring exciting changes or new features to your movie-watching experience!
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