Public Benefit Company Launches Crowdfunding Bid for Letterboxd

A newly incorporated public benefit company is seeking to purchase Letterboxd through a crowdfunding campaign that has raised about $27,000 toward a $100,000 goal. Intrinsic Entertainment Collaborative was formed last month by social entrepreneur Elizabeth Joyce to support Community Center, a marketing platform for independent filmmakers scheduled to launch this fall.

After learning that Letterboxd's majority owner is exploring a sale, Joyce shifted the campaign to cover legal costs for preparing an acquisition offer.

Background on the Potential Sale Semafor reported in late April that Canadian investment firm Tiny Ltd, which bought 60 percent of Letterboxd in 2023, has hired investment bank Liontree to assess buyer interest. Letterboxd said any decision would involve founders Matthew Buchanan and Karl von Randow, who each own 20 percent of the company.

Producer Ted Hope, an advisor to Intrinsic, wrote on Substack that the platform's community focus could be lost if ownership passes to another private equity firm or large corporation. Joyce stated that mission-driven institutional investors would provide equity financing if Intrinsic proceeds with a bid.

Letterboxd was launched in 2011 by Buchanan and von Randow as a site for users to track, review, and share films. The platform now has nearly 30 million users and reported an average eightfold increase in engagement when films are added to its Video Store feature.

Joyce said the crowdfunding effort also serves as a test of whether Letterboxd users will support community ownership. She noted that Intrinsic's structure as a public benefit corporation commits it to social goals and rules out an eventual private equity exit or traditional IPO.