Letterboxd has been the exception that proves the rule in the wild landscape of social networks for years: it is one that grows without sacrificing your communitywithout optimizing screen time by trampling on the quality of its users’ experience, without searching for viral content at all costs. Now, the Canadian company that controls 60% of the platform is looking for a buyer, and a question arises that has very short legs, because we already fear the little things that are coming.
Where does it come from? Letterboxd was born in 2011 in Auckland, New Zealand, by Matthew Buchanan and Karl von Randow. It functioned as a digital diary where movie fans could record what they saw, rate it, and share it with whoever they wanted. Without feeds algorithmic (there is not much doomscroll on Letterboxd), no viral content from strangers, no (too much) intrusive advertising. Just movies, opinions and the formation of a community relieved to be able to leave the suffocating world of trendsthe hashtags and the influencers.
The growth. For almost a decade it was a niche tool, but with the pandemic, Letterboxd grew from 1.8 million users in 2020 to 17 million in 2024. Nearly 100 million reviews were written that year. In 2026 it has reached 26 million members. All of that growth has occurred without the main feed ceasing to be chronological, more akin to a classic 2006 incarnation of Facebook than any current social network. She soon became known in the industry. A24 explicitly cited Letterboxd when talking about the strong theatrical debut ‘The brutalist‘ and directors like Michael Mann, Rian Johnson or Francis Ford Coppola they ended up using the platform as a genuine space to talk about your film-loving tastes.
Tiny arrives. In September 2023, the Canadian Tiny (investor that owns very different brands, such as the AeroPress coffee machine manufacturer) acquired 60% of Letterboxd for between 50 and 60 million dollars. The founders retained a minority stake and continued at the helm, and users were promised independence and respect for what had made the platform grow, something that was broadly fulfilled. Some more advertising appeared, a movie rental service that was difficult to access and little else.
Tiny leaves. Now, Tiny wants to go out. The company has contacted with possible buyers: Versant, parent company of CNBC and MS NOW, and The Ankler, a specialized media with which it already attempted an operation in 2025 that did not prosper. The reason is that Tiny’s shares have fallen since the acquisition of Letterboxd. Additionally, the platform was purchased through its venture capital fund. sign that Tiny always planned for a quick change of hands.
The Goodreads precedent. It’s a similar case in terms of community, function, and size: Goodreads is the literary equivalent of Letterboxd, and ended up being acquired by Amazon in 2013, while also promising not to botch the platform’s user experience. Today we know that Amazon uses it to collect user data and it is true that it has barely touched it. But that has its negative impact: the design is practically unusable today, moderation does not exist and users are beginning to migrate to alternatives like The StoryGraph.
The fear of shit. At this point we already know perfectly well what the term refers to, which has an almost academic status: the enshittificationcoined by Cory Doctorow, happens when platforms start by offering a good user experience to attract users, then they exploit them to attract clients with money to invest in the business and finally they also exploit those clients to maximize short-term profits. Letterboxd has lived outside that cycle longer than its rivals have. But each threat of a new owner sets off alarm bells again.
Inframonetization. Letterboxd is clearly undermonetized compared to its competitors. Your generous level Free allows you to use the platform with almost the same features as the paid option and advertising remains surprisingly limited, without invading everyday use, as happens on X or Instagram. And they try things: interviews with actors and directors about their favorite films, rental service for little-known films, in-person events… all on a very small scale, almost more as a way of spreading the brand in small spaces than as an open form of monetization.
That is, there is growth potential, and that is what might interest a buyer. That is precisely what generates concern among its community: activating these options too aggressively can destroy the value of genuine cinephilia that resides behind them. Letterboxd users are very active and sensitive, and we must not forget cases like Mubi, whose user base canceled subscriptions en masse after learning of the links of one of its investors with the Gaza war.
Right to veto. There is a safety button that can prevent a company with interests other than its subscribers from coming to buy Letterboxd: Buchanan retains veto rights over any potential buyer, a condition that exists openly to preserve the original spirit of the platform. Its effective scope, of course, will depend on how much the original owner is willing to exercise it and what price that veto has in the final negotiation.
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