We usually focus on software news but this news has surprised us and I think it is the biggest transaction on the Audio market of the last years. Reverb.com was founded in 2013 and is like the eBay for musicians. Here, musicians and studio freaks can offer and purchase studio equipment.
The online store of used musical instruments and outboard gear for musicians and their studios, Reverb.com has been sold to the Etsy sales platform for $ 275 million. The founder of Reverb.com and Chicago Music Exchange owner David Kalt will continue to be the CEO. Here is his short statement to the fans of the website, which should explain the purchase:
“We’ve had a friendly relationship with Etsy for a number of years and after many candid discussions in recent months, it became clear: There’s no other company that we could trust to support and enhance the Reverb marketplace. With Etsy as our parent company, we’ll remain the marketplace built for the music community by a team of musicians and music lovers. Reverb will not change … At the same time, we’ll have more resources to grow and improve the Reverb community. Think of it like going to see your all-time favorite band and getting a surprise sit-in from another musician you admire. “
David also adds that he will definitely be available at the time of the overpass to preserve the “old vibe”. After that, he could imagine handing over control to another CEO. Since Etsy, founded in 2005, is also active in the arts and development industry, the transition should be rather straightforward. Especially the steady growth of this platform and the immense experience in the sales sector. Etsy also has unique skills in its cloud tech, search, and product discovery, so we think that Reverb’s performance will grow.