Letterboxd would reportedly proceed operations as a standalone web site.
The corporate that owns The New York Occasions is in “unique negotiations” to buy the cinephile on-line platform Letterboxd, nameless sources informed… The New York Occasions. The worth being mentioned is reportedly round $330 million, considerably greater than the $250 million determine that was bandied round earlier this 12 months. Discussions are ongoing and will nonetheless break down, the report states.
Letterboxd would reportedly proceed operations as a standalone web site for the “foreseeable future,” the NYT reported. Nonetheless, the Occasions Firm might introduce its personal promoting expertise into Letterboxd’s methods. (The New York Occasions Firm declined to verify the New York Occasions’ reporting.)
With its “social movie discovery” tagline, Letterboxd permits members to create curated lists, diaries, logs, scores and opinions of flicks, whereas following different members’ actions — a Goodreads for films, if you’ll. Although comparatively small with 30 million members, Letterboxd is an influential on-line movie web site with a devoted and lively neighborhood that features notable figures like Martin Scorsese. The location is projected to have $15 million in income for 2026.
The Canadian funding group Tiny bought 60 % of Letterboxd in 2023, however reportedly began in search of a sale in July this 12 months at a valuation of round $250 million. The listing of potential suitors on the time was a who’s who of Hollywood, with Netflix, Paramount and Sony Footage all reportedly .
The New York Occasions Firm is now within the combine at a better value, and is arguably a greater purchaser as a result of it would not pose a battle of curiosity like these Hollywood studios. The Occasions Firm additionally has an analogous enterprise mannequin with a mixture of advert and subscription income.
The NYT web site presently has 13.8 million subscribers, with a objective to hit 15 million by the top of subsequent 12 months. A lot of the positioning’s visitors is pushed by its puzzle video games like Wordle, together with recipes and its sports activities web site, The Athletic. Letterboxd might match neatly into that blend, providing readers a brand new solution to uncover and discover movies.
