What to know

  • Etsy is selling Reverb, the online music gear marketplace it acquired in 2019 for $275 million.
  • Reverb will be bought by Creator Partners and Servco, the owner of Fender Musical Instruments Corporation.
  • The marketplace will return to being privately held and independently operated.
  • Reverb users can continue buying and selling without disruption during the transition.

Etsy has announced the sale of Reverb, an online marketplace for musical instruments and gear, six years after acquiring it. Etsy originally purchased Reverb in 2019 for $275 million. The financial details of the current sale have not been disclosed.

The buyers are Creator Partners, an investment firm founded by former SoundCloud CEO Kerry Trainor, and Servco, which owns Fender Musical Instruments Corporation. Reverb will not merge with either investor. Instead, it will operate as a privately held and independently managed company, similar to its status before Etsy's acquisition.

Reverb's CEO, David Mandelbrot, stated that the deal is expected to close in the coming weeks. He assured users that there will be no interruptions to buying or selling on the platform during the transition. Mandelbrot also mentioned ongoing improvements, such as a new selling option that allows users to get paid faster and drop off instruments locally without creating a listing. This feature aims to help buyers who prefer local transactions or want to avoid extra fees.

Reverb is also working on making it easier for buyers to find specific items and for sellers to ship instruments more safely. The company emphasized that its focus remains on supporting musicians and gear enthusiasts throughout this change.

Via: Engadget