The ‘eBay of music gear’, Reverb.com, has announced that it will be acquired by e-commerce titan Etsy in a deal worth $275 million.
Etsy, an online marketplace which grew into the industry leader for buying and selling ‘pre-loved’ fashion and handicraft, is expected to finalise the deal within the next few months. Reverb.com will, however, remain a standalone business.
Reverb.com’s founder and CEO David Kalt said in a statement that the sale will not affect customers and sellers. “With Etsy as our parent company, we’ll remain the marketplace built for the music community by a team of musicians and music lovers,” he said. “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 favourite band and getting a surprise sit-in from another musician you admire.”
After the deal has been officially inked, though, Kalt will step down as CEO: “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.) I’m looking forward to watching this community continue to grow, while also spending more time with family.”
Reverb.com was founded by Kalt in 2013, an entrepreneur who also purchased Chicago Music Exchange.
Read the full statement from Reverb.com here.