Reverb.com, the online marketplace for buying and selling musical instruments, has announced that it is raising its selling fee for the first time. On Aug. 4, 2020, it will rise from 3.5% to 5%. It says the move is to "support increased investments in the growth and long-term health of the marketplace."
Reverb says the increased selling fee enable it to make substantial additional investments in marketing, customer support, and seller tools aimed at attracting more buyers to the site and raising the visibility of Reverb's sellers.
"Over the past seven years, our team has been dedicated to growing Reverb into a global online destination that music makers visit to discover the world's best music shops and sellers. As our community continues to expand and players of all levels increasingly shop for music gear online, we've heard our sellers loud and clear—they want even more opportunities to connect with more buyers on Reverb," said Reverb CEO David Mandelbrot. "As a crucial partner to the businesses and individuals who sell instruments on Reverb, we recognize that now is the time to make further investments on behalf of our sellers. Our first-ever selling fee change will enable us to do that."
Beginning on August 4, 2020, Reverb's 3.5% selling fee will increase to 5%. This year , Reverb says it plans to increase investments compared to 2019 by:
- Investing over 30% more in marketing initiatives—including SEO, online video advertising, and other digital advertising—aimed at getting sellers' inventory in front of more buyers from around the world.
- Expanding the capacity of Reverb's global customer support team by 25% to support Reverb's growing community of buyers and sellers.
- Increasing by more than 40% the capacity of Reverb's product team focused on creating and enhancing seller tools and services to increase the visibility of sellers' inventory.
"Music shops, gear makers, artists, and more sell their gear on Reverb because our marketplace gives them access to millions of knowledgeable, quality buyers and the support of customer engagement, marketing, and tech teams that are dedicated to connecting buyers and sellers," said Kevin Drost, Reverb's Chief Strategy Officer. "Our revised selling fee will allow us to make crucial investments on behalf of our sellers while continuing to provide what we feel is the best value for our community."