Online Music Equipment Marketplace Reverb To Be Acquired By Etsy
For many musicians, buying music equipment can be a difficult task; aside from finding the perfect instrument to add to their collection, the price of actually building up their collection is an extremely pricey affair. For creatives, the supplies and equipment necessary is a lot more expensive than many may think. It’s expected one would pay a large amount from the latest high-tech equipment, but the reality is that many can barely afford general equipment. Walking into a music store can be rather disheartening, when looking at a beautiful brand new piece of equipment – and then seeing the price.
Luckily, the internet and social media has provided a new way for musicians to purchase equipment, and for reasonable prices too. Often online music stores provide valuable discounts, but even more beneficial is the ability to purchase used equipment – which allows for many to build up that dream collection over time.
Online marketplaces that offer the opportunity to buy all types of equipment – whether it be new, used or even vintage gear – are a great benefit to all musicians: it allows for an accessibility that was previously unavailable before the integration of the internet into everyday life. This limited musicians in many ways; whether it was having to scour locally for equipment that may not be readily available in their country, or reselling gear that is no longer needed, or necessary to the artist. This integration of e-commerce has allowed a new way for musicians to do business.
A good example of an online music market, focused on providing this accessibility and affordability is that of Reverb, a business founded in 2013 which provides exactly these services. Aside from offering this incredible accessibility for musicians, but a portion of each sale goes toward Reverb Gives – sponsoring musical equipment for youth programs across the globe. In a press release on July 22nd, Etsy, the site credited with being an online marketplace mostly known for arts & crafts – which allows users to run their own independent online business with exclusive, mostly handmade products – announced that they will be acquiring Reverb, with Etsy CEO Josh Silverman stated:
“This transaction is a great strategic fit that firmly aligns with our mission of keeping commerce human. Reverb is the ‘Etsy’ of musical instruments, with significant competitive advantages, and we see tremendous value and untapped potential in the business.”
Reverb founder and CEO David Kalt shared his thoughts regarding the move:
“We’ve 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. We’re excited to align ourselves with a marketplace that has been supporting artists, makers, and creative entrepreneurs for nearly 15 years. Together, we’ll continue to create a destination online where the music industry connects over the perfect piece of gear.”
Reverb will be run as a standalone business, after the transaction – which is expected to take place closer to the end of 2019.