URGENT UPDATE: Letterboxd, the popular social platform for movie enthusiasts, is set to launch its groundbreaking film rental program, Video Store, on December 10, 2023. This innovative initiative arrives as independent films and foreign-language titles face significant challenges in reaching audiences.
CEO and co-founder Matthew Buchanan stated, “Our thought process was simple: is there a way to build upon that mission and passion, by providing films themselves, in a way that is not being done elsewhere?” This launch comes at a critical time, aiming to bridge the gap for films struggling to gain visibility in a cluttered market.
At launch, Video Store will feature a selection of nine films, including Todd Haynes’s acclaimed film Poison, the Indonesian Oscar submission Sore: A Wife from the Future, and the much-anticipated title It Ends, which has already made waves at major film festivals like Fantasia Fest and SXSW.
The films will be organized into themed collections known as “shelves,” tailored to member interests based on watchlists and reviews. Initial offerings will include Unreleased Gems, featuring recent festival hits, and Lost and Found, highlighting beloved titles that may have been overlooked.
Buchanan emphasized the significance of Unreleased Gems as a unique aspect of Video Store, stating, “This shelf was a response to the sheer number of incredible films out there…that we know our community is keen to champion.” Films under this category will only be available for 30 days, extending their festival life before seeking broader distribution.
The Video Store will operate under a Transactional Video On Demand (TVOD) model, requiring no subscription. It will be accessible in 23 countries, including the US, UK, and Canada, with rental prices ranging from $3.99 to $19.99 depending on the title and location.
Users will enjoy the flexibility to watch films across various platforms, including TV, Apple TV 4K, Chromecast, AirPlay, as well as web, iOS, and Android devices. Plans for additional smart TV apps are also underway.
With a growing community of 24 million members, Letterboxd is becoming an essential tool in the film industry. It provides valuable insights into audience preferences and trends, with industry leaders taking note of the platform’s influence. At the Toronto International Film Festival (TIFF), NBCUniversal Entertainment chairwoman Donna Langley recognized the “Letterboxd generation” for its dedication to cinema.
Looking forward, Buchanan envisions expanding Video Store into more countries and potentially introducing in-person screenings. “We see endless opportunities for Letterboxd Video Store,” he concluded. “For now, though, it’s important that we focus on what we have set out to do: surface the films our members want to see.”
As the launch date approaches, film lovers worldwide are encouraged to mark their calendars for December 10 to explore these exciting new offerings from Letterboxd. Stay tuned for more updates on this developing story!