Reverb.com, the online site for buying and selling guitars, music equipment and more has been sold to Etsy for a reported $275 million. In a thoughtful message to customers, founder David Kalt announced that he’s going to stand down as CEO.
Etsy acquires Reverb for $275 million
Reverb is a bit like the eBay for musicians. It was set up back in 2013 as an way for people who wanted to buy and sell their musical instruments online. The site was set up by Chicago Music Exchange owner David Kalt, who will be stepping down as CEO of Reverb. Here’s an excerpt from his statement about the sale:
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.”
Kalt added that, while he will remain in charge of Reverb during the transition, eventually he will hand over the control to a new CEO. Etsy, of course, is known as an online retailer for makers and artists. The company was founded in 2005 and has grown rapidly ever since.
Ideally, Etsy will be well suited to its new acquisition, as Etsy has plenty of history in online sales worldwide and appealing to the artistic community. Both factors should help Reverb grow in the coming years.