Netflix is in talks to buy the New Zealand-founded Letterboxd for $423 million, according to new reports.

Letterboxd was created by Auckland designers Matthew Buchanan and Karl von Randow, and it allows people to create profiles and log and rate their favourite movies.

Entertainment journalist Karl Puschmann says Letterboxd has a reputation as a niche social network, and there's concerns about what a corporate takeover could do for it.

"That sense of community around it, you feel like you're with film enthusiasts, you feel part of that club - they've got a delicate balance here to keep that feeling and also get that return on investment."

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