Letterboxd, a social network for movie lovers, has surged in popularity and is attracting interest from suitors including The New York Times Company, Sony Pictures Entertainment and A24, the independent film studio, according to seven people familiar with the sales process. Any deal is expected to value Letterboxd at more than $300 million — roughly 20 times its projected earnings this year of roughly $15 million.

Letterboxd was founded in 2011 by Matthew Buchanan and Karl von Randow, two designers from New Zealand. The site, elegant and simple, is driven by core features like lists, reviews and personal diaries tracking movies users have watched. There are challenges that encourage members to take an active role, including “Horror x 52” and the Criterion Challenge.

The company has 30 million users, up from 1.8 million in 2020. This year, Tiny enlisted the investment bank Lion Tree to explore sale of its controlling stake; it bought 60 percent of the company in 2023 in a transaction that valued Letterboxd at more than $50 million.

The range of suitors can be attributed to the attractive economics of online communities. Letterboxd relies primarily on user-generated content. Most users participate for free, but the site also has a membership business with two paying levels — “pro” ($19 per year) and “patron” ($49 per year).