Music gear site Reverb.com acquired by Etsy for $275 million
Music gear site Reverb.com has signed an agreement to be acquired by Etsy for $275 million. Reverb CEO David Kalt revealed the news in a statement, writing, "Reverb will remain a standalone business, but with the added support of Etsy—the global online marketplace for handmade and vintage items, with millions of buyers and sellers from nearly every country in the world." He later adds, "With Etsy as our parent company, we’ll remain the marketplace built for the music community by a team of musicians and music lovers. Your ability to buy, sell, learn, and connect on Reverb will not change. At the same time, we’ll have added resources to continue growing and improving the Reverb community."
As for why they went with Etsy, Kalt explains:
Reverb has always found inspiration in Etsy. Since our inception, we’ve admired their unwavering support of creative businesses and entrepreneurs, their values-driven approach to business, and their dedication to keeping commerce human (Not to mention, their appreciation for all things vintage.) Founded in 2005 as a springboard for makers and artists, Etsy forged a path and gave me the confidence to start Reverb when I saw the need for a musician’s marketplace six years ago.
We’ve had a friendly relationship with Etsy for a number of years and after many candid discussions in recent months, it became clear: There’s no other company that we could trust to support and enhance the Reverb marketplace.
Kalt also says that he'll soon be stepping down from CEO. He says, "After the acquisition closes, I’ll eventually hand over the CEO role to a new leader. I’ll remain closely involved during the transition and after that, I’ll remain Reverb’s biggest fan (And continue to drool over every ‘60s Strat that goes up for sale.)"
Several notable musicians have sold and/or auctioned gear on Reverb in recent years (sometimes for charity), including Frightened Rabbit, Wilco, Dinosaur Jr's J Mascis, Sonic Youth, Green Day, blink-182's Mark Hoppus, and many more.
Browse the Reverb shop here.