Reverb announces its 3.5% selling fee will increase to 5%
Online musical instrument marketplace Reverb.com has issued a statement today (14 July) revealing its plans to “increase investment in sellers.” The plans include the increase of its current selling free of 3.5% to 5%, beginning on 4 August 2020, as well as a number of other changes to its strategy.
In a press statement, the marketplace said that the increase in the selling fee “will enable Reverb 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.”
Reverb’s plans to increase investments over 2019 include investing “over 30% more” in marketing initiatives, such as SEO and video adverts, as well as expanding its global support team and its product team by 25 and 40 percent respectively.
Reverb CEO David Mandelbrot said of the change: “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.
“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.”
Kevin Drost, Reverb’s Chief Strategy Officer added “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 “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.”
In an email sent out to sellers, Mandelbrot again stressed the long-term benefits of the change, writing: “We are modifying our selling fee to help us Invest more to sustain our community’s continued growth … These changes will enable us to bring more buyers to Reverb on your behalf, support the long-term health of your business, and continue growing together.”
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