Reverb, the online marketplace and community for musicians, has been acquired by Etsy, the ecomm website that specialises in handmade and vintage items, for a reported $275 million. The deal is expected to be completed in the coming months.
Reverb, which has come to be known as ‘eBay for musicians’, was founded in 2013 by Chicago Music Exchange owner David Kalt as a solution for people who wanted to buy and sell instruments online.
Commenting on the acquisition, Kalt said: “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 favorite band and getting a surprise sit-in from another musician you admire.”
Kalt adds that, while he will remain in charge of Reverb during the transition, he’ll eventually hand over the CEO reins to a new leader, stepping back to spend more time with his family.
You can read the full acquisition statement on the Reverb website.