Etsy has announced plans to acquire specialist music gear ecommerce platform Reverb for $275 million (£220 million) in the “coming months”
Reverb, the online marketplace launched in 2013, lists new, used and vintage music gear from over 380,000 active sellers globally.
Though it will reportedly continue to operate as a standalone marketplace when the deal is completed, Etsy says it will provide support and guidance to help Reverb “bring their business to the next level and better support their community”.
Etsy goes on to state that it is well positioned to guide Reverb thanks to its own experience growing its own marketplace, having nearly doubled its gross merchandise value, revenue and profit margins since Josh Silverman took over as chief executive in 2017.
Earlier this month the Etsy announced plans to make “free shipping the norm” for all US customers as it seeks to quash criticisms over high delivery prices.