Pioneer in the secondary market, musicMagpie, saw its global revenue dip by £8.1 million, from £61.9 million to £53.8 million, for the six months to May compared to the same period last year. This decline is primarily due to strategic changes in its USA operations, shifting to a sourcing-only model. Despite this, UK consumer technology sales increased, reaching £28.7 million, highlighting the growing demand for sustainable, second-hand tech products.

The company remains open to a sale and has been in discussions with prospective acquirers since November. Its market capitalisation now stands at £6.66 million, with its share price dropping from a year-high of £25.25 to a low of £5.00, currently at £6.75. These changes reflect musicMagpie’s ongoing efforts to adapt and thrive in the evolving secondary market landscape.

CEO and co-founder, Steve Oliver, emphasised that “Amidst an increasingly competitive environment for second-use technology, and with consumers continuing to feel the squeeze on their wallets, the market has undoubtedly been challenging” and claimed that “…We have recently launched the buying of branded fashion items on the musicMagpie platform and intend to continue broadening our offering and further unlock the ‘world of inventory’ that sits in consumers’ households.”