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Reverb to be Acquired by Etsy
Old 22nd July 2019
  #1
News Desk Editor
 
The Press Desk's Avatar
 

Reverb to be Acquired by Etsy

Reverb.Com to be Acquired by Etsy

Quote:
A Message from Reverb’s CEO

Today is an exciting day for the Reverb community: Earlier today, we announced that we signed an agreement to be acquired by Etsy. We expect the acquisition to close in the coming months. When it does, Reverb will remain a standalone business, but with the added support of Etsy—the global online marketplace for handmade and vintage items, with millions of buyers and sellers from nearly every country in the world.

Less than a decade ago, I was working as a guitar store owner and ran into a problem: Buying and selling instruments online was difficult and expensive. What started out as a simple solution—a two-way marketplace built for musicians by musicians—quickly grew into so much more. With your help, we’ve built a community that musicians from all walks of life turn to for income to support their families, inspiration to fuel their passions, tools to create new music, and more. But we’re far from finished.

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.

Why Etsy?
Reverb has always found inspiration in Etsy. Since our inception, we’ve admired their unwavering support of creative businesses and entrepreneurs, their values-driven approach to business, and their dedication to keeping commerce human (Not to mention, their appreciation for all things vintage.) Founded in 2005 as a springboard for makers and artists, Etsy forged a path and gave me the confidence to start Reverb when I saw the need for a musician’s marketplace six years ago.

We’ve had a friendly relationship with Etsy for a number of years and after many candid discussions in recent months, it became clear: There’s no other company that we could trust to support and enhance the Reverb marketplace.

A Personal Note
At Reverb, we often talk about the stories that used instruments would tell if they could talk: A guitar passed down from father to daughter, a drum set sold to make room for a new baby, a keyboard that gets upgraded when a band scores their first hit song. Like a beloved instrument, Reverb has meant more to me than I can put into words, but it has always been destined for a new leader if and when the time was right. Today, the Reverb community, platform, and team are truly the best they’ve ever been—this morning’s announcement is a testament to that.

As a founder, there’s nothing more rewarding than helping create a team and a business that you know will not only stand, but flourish when you take a step back. That’s why after the acquisition closes, I’ll eventually hand over the CEO role to a new leader. I’ll remain closely involved during the transition and after that, I’ll remain Reverb’s biggest fan (And continue to drool over every ‘60s Strat that goes up for sale.) I’m looking forward to watching this community continue to grow, while also spending more time with family.

Thank You
Whether your small business relies on Reverb for crucial online income, your band turns to Reverb to keep its sound fresh, or you just like watching our YouTube videos—thank you. Without you, Reverb is just a website. Because of you, Reverb is the best community online for musicians and music lovers from all over the world to connect over the perfect piece of gear. And together with Etsy, we’ll continue to make the world more musical together.

To Reverb’s next chapter,
David Kalt
CEO / Founder
Source
Old 22nd July 2019
  #2
Here for the gear
 

Hey all -- Dan here from Reverb HQ. The post that op copied sums it up, but I'll be around the forums today in and out and can try to address any questions. Thanks!
Old 23rd July 2019
  #3
It sounds like the day to day for the average Reverb user will not change much, is this true?
Old 24th July 2019
  #4
Gear Guru
 
Brent Hahn's Avatar
 

My wife has started crocheting gig bags.
Old 26th July 2019
  #5
Is Etsy going to apply their methods and retool Reverb?

I do a bunch of sales on Reverb, and my partner sells her pottery on Etsy. I find Etsy kinda draconian, and paypal / etsy like compared to the community based system of Reverb.Much more corporate, much less trusting. Coders and programmers make choices that are more difficult to use. A huge advertising model is required, to bid on placement to have your products seen compared to the simple Reverb Bump.

I just hope that the workflow stays the same, as I have enjoyed selling and buying gear on Reverb for years.
Old 26th July 2019
  #6
And yet another unique business cashes out, with promises of no immediate changes, but underplaying the fact that they are now beholden to a corporate entity which is only beholden to its bottom line.
Old 26th July 2019
  #7
Gear Maniac
 

Quote:
Originally Posted by bluedot View Post
Is Etsy going to apply their methods and retool Reverb?

I do a bunch of sales on Reverb, and my partner sells her pottery on Etsy. I find Etsy kinda draconian, and paypal / etsy like compared to the community based system of Reverb.Much more corporate, much less trusting. Coders and programmers make choices that are more difficult to use. A huge advertising model is required, to bid on placement to have your products seen compared to the simple Reverb Bump.

I just hope that the workflow stays the same, as I have enjoyed selling and buying gear on Reverb for years.
Agreed, Etsy used to be pretty cool, now it's gone rather corporate. Hope Reverb doesn't lose its feel.
Old 26th July 2019
  #8
Here for the gear
Not surprised

Quote:
Originally Posted by edwinhurwitz View Post
And yet another unique business cashes out, with promises of no immediate changes, but underplaying the fact that they are now beholden to a corporate entity which is only beholden to its bottom line.
Agreed.
Old 27th July 2019
  #9
Gear Nut
 

No mention of who Etsy is owned by
Old 28th July 2019
  #10
Gear Addict
 
musicalnyc's Avatar
 

Quote:
Originally Posted by DJElectricDaddy View Post
No mention of who Etsy is owned by
You can own Etsy if you want. It's a public company traded on NASDAQ since its 2015 IPO. (info provided by Google )
Old 29th July 2019
  #11
Gear Addict
 
TexasCat's Avatar
 

Quote:
Originally Posted by musicalnyc View Post
You can own Etsy if you want. It's a public company traded on NASDAQ since its 2015 IPO. (info provided by Google )
Well that's not a good sign. Publicly owned companies usually put there shareholders first and customers second.
Old 29th July 2019
  #12
Quote:
Originally Posted by TexasCat View Post
Well that's not a good sign. Publicly owned companies usually put there shareholders first and customers second.
Or, in many cases, executives first, majority shareholders second, customers third, and other shareholders not at all.

Owning stock doesn't necessarily mean that you have any say in how the company is run.
Old 29th July 2019
  #13
Quote:
Originally Posted by TexasCat View Post
Well that's not a good sign. Publicly owned companies usually put there shareholders first and customers second.
That is the irony. Without customers, there is no company.
Old 29th July 2019
  #14
Quote:
Originally Posted by bainmack View Post
That is the irony. Without customers, there is no company.
Truly. But, profits come from share prices these days, not from widgets or services.
Old 30th July 2019
  #15
Gear Nut
 

Quote:
Originally Posted by TexasCat View Post
Well that's not a good sign. Publicly owned companies usually put there shareholders first and customers second.
Yeah that was my initial reaction too
Old 30th July 2019
  #16
Quote:
Originally Posted by edwinhurwitz View Post
Truly. But, profits come from share prices these days, not from widgets or services.
good point. That is unsustainable, BUT, those that cash out quick enough usually have no incentive for a long term thriving company.
Old 30th July 2019
  #17
Quote:
Originally Posted by bainmack View Post
good point. That is unsustainable, BUT, those that cash out quick enough usually have no incentive for a long term thriving company.
And to bring it back around to a more topical point, it's impossible for musicians, engineers, etc., to thrive on that business model because we do what we do because we love it. A very small portion of us can incorporate ourselves and sell out, but in comparison to the rest of the business world, it's increasingly hard to make it in a world where share prices and then selling out to an acquisition bid are the dominant paradigm.

Case in point: My wife is an artist. Her media is hand made fragrance and she's garnered quite a few accolades and an enviable reputation in the perfume world (this spring, she won best independent perfumer at the International Art and Olfaction Awards in Amsterdam). She's known all over the world and has a brand with a stellar reputation. But, she's only going to get so far because she won't sell out, she won't have her company go public, or bring on investors; her primary goal is to have full creative license and follow her muse. She gets to make her art, people love it, and that freedom and connection to her audience would disappear if she follows the dominant paradigm. I know many in the music world who are in the same situation (although many of them might sell out, given a half a chance).

You are so right that it's unsustainable. But so is everything. Yesterday we passed the date by which we have used up an entire year's worth of resources from the planet. At this point, we need 1.75 Earths to provide what we use every year and it's just getting worse. Until we realize too much is too much, we're going to be headed for a serious wake up call.
Old 30th July 2019
  #18
Well that's a disaster.
Old 1 week ago
  #19
Lives for gear
 
T_R_S's Avatar
reverb fee on a $1000.00 item is around 7% vs 13% on ebay/paypal
Old 1 week ago
  #20
Lives for gear
 

Quote:
Originally Posted by TexasCat View Post
Well that's not a good sign. Publicly owned companies usually put there shareholders first and customers second.

Quote:
Originally Posted by edwinhurwitz View Post
Or, in many cases, executives first, majority shareholders second, customers third, and other shareholders not at all.

Owning stock doesn't necessarily mean that you have any say in how the company is run.

Quote:
Originally Posted by bainmack View Post
That is the irony. Without customers, there is no company.

Quote:
Originally Posted by edwinhurwitz View Post
Truly. But, profits come from share prices these days, not from widgets or services.

Quote:
Originally Posted by DJElectricDaddy View Post
Yeah that was my initial reaction too
Yea folks and we need to realize the new business motto. Obtain a company, make it balloon through fake means (pimping wall street), cash out - Shareholders get f*cked, customers get f*cked.

This is not the minority of the time, this is the new majority.

Or very similar, but different and sneaky. Purposely make a company you obtain crash. Somehow within that the high ups get all the money,,, don't know exactly how that works but it happens a lot too. Bain Capital is classic for that move. I think its a tax write off or something and then you also strategize it to really just take out the competition.

Either way folks, I'm sad to hear this cause Esty absolutely sucks. Worse place ever. Feels foreign. I also just recently got a $4,750 charge from there on one of my cards ! Immediately called the card company and they put a stop on my card and luckily stopped charge too. Esty is just not a good place at all IMO.

And ---- Reverb was. Damn, lost another.
Old 4 days ago
  #21
Quote:
Originally Posted by Infa View Post

Or very similar, but different and sneaky. Purposely make a company you obtain crash.
I think of Sears when you mentinoed "make a company you obtain crash"

:(
Old 4 days ago
  #22
Quote:
Originally Posted by bainmack View Post
I think of Sears when you mentinoed "make a company you obtain crash"

:(
It's a pretty standard tactic, known as vulture capitalism. Bain Capital is a good example. Load it up with debt, take big bonuses and profits, loot the pensions, then let it crash and burn and walk away with a huge chunk of change.
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