Music gear marketplace Reverb acquired by Etsy for $275 million

The popular music store will continue to operate as a standalone business.

New and used music gear marketplace Reverb has been acquired by e-commerce website Etsy in a deal worth $275 million.

According to a press release, Reverb will continue to run as a standalone business after the deal is closed with Etsy, which is one of the world’s most popular marketplaces for vintage and handmade items.

“This transaction is a great strategic fit that firmly aligns with our mission of keeping commerce human,” said Etsy CEO Josh Silverman. “Reverb is the ‘Etsy’ of musical instruments, with significant competitive advantages, and we see tremendous value and untapped potential in the business.”

“We’re excited to continue growing our marketplace, team, and community as part of Etsy,” said Reverb CEO David Kalt. “We’ve always found inspiration in Etsy. In fact, the company gave me the confidence to launch Reverb when I saw the need for a musician’s marketplace in 2013. We’re excited to align ourselves with a marketplace that has been supporting artists, makers, and creative entrepreneurs for nearly 15 years.”

Reverb, which was founded by Kalt in 2013, has become one of the most popular places to buy used music gear on the web. Moby, Oneohtrix Point Never and Sonic Youth have even used the platform to sell old equipment.

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from FACT Magazine