New York Times in talks to purchase Letterboxd for $330 million

The New York Times Company is reportedly in exclusive talks to buy Letterboxd, a rapidly growing online platform for film lovers that functions similarly to Goodreads for movies. Letterboxd has experienced massive user growth, expanding from 3 million users in January 2021 to 28 million users by April of this year, with more than half of its audience under the age of 35. Prior to these exclusive negotiations, Letterboxd had been seeking a new owner, attracting interest from film studios like A24 and Sony. Although Letterboxd offers a free tier alongside paid subscriptions for advanced features and projects $15 million in earnings this year, the proposed $330 million acquisition price significantly exceeds its projected annual revenue.