Etsy purchases Reverb for US $275m

The Auction Site's CEO Is Also Stepping Down From His Role

Well this is a bit of a crafty deal: Reverb, the world-famous gear sale site, has been purchased by arts and craft trading platform Etsy (!!!) for a reported US $275m (almost 400 million in Australian dollarydoos).

Established back in 2013 by Chicago Music Exchange owner David Kalt, who acted as CEO for the company from its foundation up until the website is fully acquired by Etsy, Reverb is one of the largest gear trading platforms in the world, and also specialises in digital content as well as vinyl sales. It's a bit of a blackhole for many musicians and fans alike, and the news that it's been bought out by an arts and craft website will be a bit of a shock to many. 

 

 

Kalt reflected on the news in an official statement, lamenting that "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 favourite band and getting a surprise sit-in from another musician you admire.”

 

Read Reverb's official statement in it's entirety here.

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