Letterboxd has long been the rare exception in the ever-evolving landscape of social networks. Unlike many platforms driven by profit, it has thrived without compromising its community values. It has eluded the temptations of optimizing user engagement for viral content and minimizing user experience in favor of ad revenue. However, with the recent news that Tiny, the Canadian company controlling 60% of Letterboxd, is seeking a buyer, there’s growing concern about the platform’s future.
The Origins of Letterboxd
Founded in 2011 by Matthew Buchanan and Karl von Randow in Auckland, New Zealand, Letterboxd began as a digital diary for film enthusiasts. Users could log their movie-watching habits, rate films, and share reviews with friends. The platform’s design stands out due to its chronological feed, which allows users to avoid the overwhelming grip of algorithm-driven content. This absence of viral distractions provides a welcome escape from trends, hashtags, and influencer chaos.
Rapid Growth Amidst the Pandemic
For nearly a decade, Letterboxd remained a niche platform. However, during the pandemic, its user base skyrocketed from 1.8 million in 2020 to a staggering 17 million in 2024. By 2026, membership numbers had soared to 26 million, with almost 100 million reviews posted in a single year. Its growth has caught the attention of big names in the industry, including studios like A24, and iconic directors who have turned to Letterboxd as a forum for cinephilia.
Tiny’s Involvement
In September 2023, Tiny acquired a 60% stake in Letterboxd for approximately $50 to $60 million. Although the founders retained a minority stake and assured users of continued independence, some changes were notable. Increased advertising and a somewhat obscure movie rental service marked the beginning of new business strategies.
The Quest for New Ownership
Now, Tiny is looking to divest its stake, having approached potential buyers like Versant and The Ankler. This tumult comes as Tiny’s shares have fluctuated since acquiring Letterboxd, hinting that a rapid sale was always part of the plan. This looming transition raises alarms among its loyal user base.
Looming Concerns: The Goodreads Precedent
The situation draws parallels with Goodreads, which was acquired by Amazon in 2013. Initially, the ownership change did not disrupt its basic user experience, but over time, the platform suffered from design issues and a lack of moderation. Many Goodreads users have since migrated to alternatives like The StoryGraph, highlighting the potential pitfalls for Letterboxd.
Fear of ‘Enshittification’
The term ‘enshittification,’ coined by Cory Doctorow, describes the decline of user experience as platforms prioritize profit over community. While Letterboxd has so far avoided this spiral, each potential ownership change rekindles fears that the platform might compromise its sanctity in pursuit of short-term gains.
Mitigating Risks through Veto Rights
One glimmer of hope lies in the veto rights retained by co-founder Buchanan, allowing him to block buyers who may not share Letterboxd’s core values. The effectiveness of this safety net, however, depends on how vigorously it is employed in future negotiations.
The Future of Letterboxd
As Letterboxd faces potential changes in ownership, the stakes for its dedicated community are high. The challenge will be finding a balance between growth and maintaining the integrity that has set the platform apart. The future remains uncertain, but the overwhelming sentiment is that users hope to safeguard the essence of what makes Letterboxd special—an authentic, user-focused space for film lovers.