Reverb, the enormously popular online music gear marketplace, has announced that it is raising its selling fee from 3.5 to 5 percent.
The fee raise, the first that Reverb has ever enacted, has been put in place to - in Reverb's words - “support increased investments in the growth and long-term health of the marketplace." The change will take effect on August 4.
Reverb says it will use the resulting uptick in revenue to increase investment in the following areas:
- Investing over 30 percent more, from 2019, in marketing initiatives aimed at getting sellers’ inventory in front of more buyers, such as making sellers’ gear more findable on Google.
- Expanding by more than 25 percent the capacity of its customer support team focused on assisting sellers and their buyers as Reverb grows.
- Increasing by more than 40 percent the capacity of Reverb’s product team focused on creating and enhancing seller tools and services to increase the visibility of sellers’ inventory.
“Dealers, gear makers, and more sell 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 Reverb Chief Strategy Officer Kevin Drost,.
“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.”
For more info, head on over to reverb.com.
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