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Etsy is selling online music gear marketplace Reverb
Etsy is selling Reverb, six years after it purchased the online marketplace for musical instruments. Reverb didn't say how much money is changing hands, but Etsy purchased the company for $275 million in 2019. In its announcement, Reverb said that the investors Creator Partners, which was founded by former SoundCloud CEO Kerry Trainor, and Servco, the owner of Fender Musical Instruments Corporation, have entered an agreement to buy the company. The marketplace will not be merging with either investor and will be "privately-held [and] independently operated" like it was before Etsy's acquisition. Reverb CEO David Mandelbrot said the deal is expected to be completed in the coming weeks. He assured users that they can continue buying and selling on the platform without any disruption during the process. He also briefly talked about what the company is working on for its users, including preparing for the pilot of a new selling option that would allow people to get paid faster and to drop off their instruments locally without even needing to create a listing for them. This could help buyers who want to get their gear locally when available or those who don't want to pay extra on top for tariffs. Reverb is also working on a way to make it easier for find what a buyer is looking for and on a way for sellers to be able ship their instruments more safely. This article originally appeared on Engadget at https://www.engadget.com/audio/etsy-is-selling-online-music-gear-marketplace-reverb-160002119.html?src=rss
Etsy is selling Reverb, six years after it purchased the online marketplace for musical instruments. Reverb didn't say how much money is changing hands, but Etsy purchased the company for $275 million in 2019. In its announcement, Reverb said that the investors Creator Partners, which was founded by former SoundCloud CEO Kerry Trainor, and Servco, the owner of Fender Musical Instruments Corporation, have entered an agreement to buy the company. The marketplace will not be merging with either investor and will be "privately-held [and] independently operated" like it was before Etsy's acquisition.
Reverb CEO David Mandelbrot said the deal is expected to be completed in the coming weeks. He assured users that they can continue buying and selling on the platform without any disruption during the process. He also briefly talked about what the company is working on for its users, including preparing for the pilot of a new selling option that would allow people to get paid faster and to drop off their instruments locally without even needing to create a listing for them. This could help buyers who want to get their gear locally when available or those who don't want to pay extra on top for tariffs. Reverb is also working on a way to make it easier for find what a buyer is looking for and on a way for sellers to be able ship their instruments more safely. This article originally appeared on Engadget at https://www.engadget.com/audio/etsy-is-selling-online-music-gear-marketplace-reverb-160002119.html?src=rss
