Home Live For Live Music Music Gear Site Reverb Sold To Etsy For Reported $275 Million

Music Gear Site Reverb Sold To Etsy For Reported $275 Million

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Reverb, an e-commerce site that specializes in virtually any kind of music-related instrument and equipment item, is in the final stages of being bought by another e-commerce giant, Etsy for a reported $275 Million.

A report shared by Billboard on Monday confirmed the two were in the final stages of the purchase, which will see Reverb remaining active as a standalone business with support from its new parent company, which also specializes in hosting the sales of handmade or vintage craft-related items.

In its six years of existence, Reverb carved out a niche spot in the growing digital side of music retail by offering a legitimate two-way marketplace for musicians to sell and purchase instruments, live audio and lighting equipment, recording software, home audio, and more. The website also acts as a media hub with articles, interviews, and videos focused around gear demos and how-to tutorials.

Reverb CEO and co-founder David Kalt shared a statement announcing the pending acquisition on Monday:

“Today is an exciting day for the Reverb community: Earlier today, we announced that we signed an agreement to be acquired by Etsy. We expect the acquisition to close in the coming months … Less than a decade ago, I was working as a guitar store owner and ran into a problem: Buying and selling instruments online was difficult and expensive. What started out as a simple solution—a two-way marketplace built for musicians by musicians—quickly grew into so much more. With your help, we’ve built a community that musicians from all walks of life turn to for income to support their families, inspiration to fuel their passions, tools to create new music, and more.

But we’re far from finished. 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. Think of it like going to see your all-time favorite band and getting a surprise sit-in from another musician you admire.”

Kalt also shared that he’ll step down as CEO upon completion of the acquisition once he’s finished helping with the transition, after which he’ll “continue to drool over every ‘60s Strat that goes up for sale” on the site.

Artists including Green Day also utilize the site as an outlet to reach the music masses, as the punk-rock band used Reverb as the platform to sell equipment from throughout their career, including live gear that was used at their Woodstock ’94 performance.

[H/T Billboard]

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Source: L4LM.com