It’s a tradition that millions of film lovers follow all over the world. We watch a movie and, before we’ve even formed an opinion, we run to Letterboxd to give it the usual star rating, a quick joke (or a thoughtful, heartfelt comment), and we lose ourselves reading other people’s opinions all across the globe. Since the pandemic, this has become the must-have cultural app on your phone… and it’s about to stop being what it is now.
A two-star purchase
By now we’ve accepted that Letterboxd wanted someone to buy the app for a multimillion-dollar sum. Netflix and A24 were mentioned, but its users protested, to no avail: it works precisely because film criticism is totally free. So a production company can’t own it, because it could game the system or spotlight its latest releases however it likes. Luckily, it seems they’ve found a solution.
It seems the New York Times is interested in acquiring Letterboxd, and the figure is jaw-dropping: $330 million, which stands in contrast to the $15 million it expects to make in profit in 2026. After all, right now it only makes money from paying users, ads from those who don’t, and a small film club with films handpicked by the team. Enough to survive, but not to justify such an outrageous purchase.
It’s assumed that the two current bosses, Matthew Buchanan and Karl von Randow, would remain in charge of Letterboxd, and they really do intend to continue their work. After all, its base of 30 million users isn’t easy to build, and the reviews they post determine the success or failure of many films. The New York Times already acquired Wordle a few years ago for more than $1 million, although it’s not at all clear that they’ve made a profit from it. Of all the options, the New York Times was the best one. Let’s celebrate, I guess.
