Etsy has announced the sale of Reverb, the online marketplace for musical instruments that it acquired six years ago. While the financial details of the transaction were not disclosed, Etsy had purchased Reverb for $275 million in 2019. The buyers of Reverb include Creator Partners, founded by former SoundCloud CEO Kerry Trainor, and Servco, the owner of Fender Musical Instruments Corporation. The agreement specifies that Reverb will remain privately-held and independently operated, separate from the investors.
David Mandelbrot, the CEO of Reverb, stated that the deal is set to be finalized in the upcoming weeks. He reassured users that the platform will continue to function smoothly during the transition period, allowing them to buy and sell without any interruptions. Mandelbrot also shared some insights into the company’s future plans, such as introducing a new selling option to expedite payments and enable local drop-offs of instruments without the need for creating listings. This innovation aims to benefit buyers seeking local gear availability and those looking to avoid additional tariffs. Additionally, Reverb is focused on enhancing the search experience for buyers and improving shipping safety measures for sellers.
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