Etsy acquires music gear marketplace Reverb
Etsy, the global marketplace for handmade and vintage items, has acquired Reverb. This is a six-year old company that enables people to buy and sell new, used, and vintage music gear. The deal is for about 246 million euros in cash.
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According to the official press release, Reverb will continue to operate as a standalone marketplace after the deal is done. The company’s seller base spans many countries, including the same key markets as Etsy’s, such as the United Kingdom, France and Germany.
‘Reverb is the Etsy of musical instruments’
Etsy thinks it could help Reverb with improving its search and discovery, making selling and buying easier and building a global brand and user community. “We have been successfully implementing these types of initiatives at Etsy for two years now, and are confident that we can similarly impact Reverb’s business”, Silverman commented. He described Reverb as the ‘Etsy of musical instruments’.
‘Etsy gave me confidence in launching Reverb’
David Kalt, the founder and CEO of Reverb, also had something to say about the deal. He said he’s excited to continue growing the marketplace, team, and community as part of Etsy and that they have 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.”