Letterboxd launches crowdfunding effort to protect its beloved rating platform from venture capital takeover.

The owner of Letterboxd is considering selling the popular movie-rating platform, prompting Intrinsic Entertainment Collaborative to launch a crowdfunding campaign aimed at funding an acquisition.

In April, it was reported that Tiny, which took a majority stake in Letterboxd in 2023, was looking into a potential sale. While companies like Versant and The Ankler have shown interest, those behind Intrinsic Entertainment Collaborative are concerned that a private equity or corporate buyout could lead to Letterboxd being “optimized and slowly hollowed out until it becomes something else,” as stated on their Seed & Spark campaign page.

Their goal is to maintain Letterboxd as “the top rung of the filmmaking ladder — the place where films that have managed to get made, marketed, and released could connect to their audiences.”

As of now, the Seed & Spark campaign has raised $128,569 in just five days, exceeding its initial $100,000 goal. The first $100,000 will cover legal and due diligence expenses, while any additional funds will be directed toward making an offer to purchase Letterboxd. The campaign will remain open for over 54 more days.

Although Intrinsic Entertainment Collaborative is a relatively new and untested public-benefit corporation, it’s commendable to see their efforts to preserve the essence of Letterboxd. While this acquisition may not rival Microsoft’s purchase of Activision Blizzard, we’ve witnessed how chaotic larger mergers can become, a scenario that many would prefer to avoid for Letterboxd.

Regarding Tiny’s stance on this initiative, a spokesperson mentioned, “There’s nothing specific for us to share at this time. As Letterboxd has grown, it’s natural there will be interest in what we do next.” It will be intriguing to see how this situation unfolds and which company ultimately takes ownership of Letterboxd.