Inside the Crowdfunding Campaign to Keep Letterboxd Independent
A public benefit corporation has raised over $100,000 to get started on a formal bid. But can the long shot effort actually succeed? The post Inside the Crowdfunding Campaign to Keep Letterboxd Independent appeared first on TheWrap .
The Letterboxd social network for cinephiles caught the attention of several potential buyers, including movie studios, leading to concerns about its independence. A group of indie film advocates, the Intrinsic Entertainment Collaborative, launched a crowdfunding campaign to raise funds to purchase Letterboxd and keep it independent.
The group, founded by Elizabeth Joyce, a public benefit corporation, has already raised over $100,000 to cover the legal costs for a formal offer and due diligence. While the campaign represents a longshot, it symbolizes an alternative to media consolidation, where owners typically aim to maximize profits. Joyce emphasized that their goal is not financial gain but rather preserving Letterboxd as a cultural institution within the struggling film industry.
The idea of an owner preserving the platform's autonomy is an unconventional approach amidst the media merger frenzy.
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