Observation
Everyone buys the platform, nobody buys the audience.
Netflix, Sony, and Paramount are bidding for Letterboxd not because film lovers will suddenly appear but because the platform has already captured something harder to build than users—it has captured the specific attention of people who think about movies seriously enough to catalog them. That same principle explains why a hotel kitchen moves 2,000 eggs a week through a single restaurant, why Jon Bon Jovi can still fill Madison Square Garden after surgery, why someone will set a Guinness Record wearing a bald cap for Pitbull. The asset isn't the thing itself. It's the assembly of people who have chosen to show up for it repeatedly.