Netflix is eyeing a purchase of the last popular social media platform.

Attention, movie buffs: there’s buzz that Netflix is eyeing a potential acquisition of Letterboxd. Reports indicate that the streaming giant is in preliminary talks to buy the popular platform, which has also attracted interest from other Hollywood players, private equity firms, and notable investors.

Letterboxd serves as a social hub for film enthusiasts, allowing users to rate, review, and share their cinematic experiences. Since its launch in 2011, it has grown to over 30 million users, establishing itself as a key player in online film discussions.

Earlier this year, it was revealed that Tiny, which holds a 60% stake in Letterboxd from a $50 million investment, is contemplating selling its shares. The platform is currently valued at around $250 million, with interest from companies like Versant, which owns Fandango and Rotten Tomatoes. In response to these developments, a public-benefit corporation initiated a crowdfunding campaign aimed at preserving Letterboxd’s integrity and preventing it from being transformed into a commercial entity.

With the possibility of Netflix, Sony, or Paramount taking ownership, many users are worried about the potential for these companies to influence the platform’s content, favoring their own films. Concerns have been voiced about the risk of Letterboxd becoming a promotional tool for corporate interests, similar to what has happened with other platforms. Additionally, private equity firms might push for monetization strategies that could lead to more ads or premium subscription services.

The social media landscape is increasingly dominated by controversial figures and entities, raising questions about the health of these platforms. As we navigate this shifting terrain, it’s crucial for Letterboxd to remain a space for genuine film appreciation, where users can freely share their love for everything from cult classics to hidden gems.