|Founders||Steve Oliver, Walter Gleeson|
|Headquarters||Stockport & Macclesfield|
|Steve Oliver, Walter Gleeson|
Number of employees
|1,000 (December 2019)|
musicMagpie was founded in Stockport in 2007 by Steve Oliver and Walter Gleeson, both with previous experience of the music industry. The company was originally based in Oliver's garage, buying only CDs.
Prices are determined through an algorithm that accounts for an item's popularity and its price on competitors' websites. Due to its low prices for items such as CDs, the service is often used by individuals selling in bulk.
Customers can enter an items’ barcode or its name into musicMagpie's website to receive an instant quotation. Customers can then send their goods to the company for free through various methods. Once the goods are received, if they meet quality requirements, the seller is paid.
The principle behind its purchase and sale algorithm is to keep a minimum stock in the company's warehouse, and continuously buying and selling the same item while listing it on multiple platforms. Depending on an artist's new release, advertisements and other relevant factors, the company tends to increase the stock if expecting to get bigger sales of a specific product. DVDs are typically purchased for 1 penny and books for 20 pence, and then resold for an average of £1 or £2.
Customers can purchase used items through a separate part of the website.
- King, Mark (5 January 2018). "MusicMagpie – consumer app of the week". The Guardian. Retrieved 3 February 2019.
- Reynolds, Matt (8 June 2018). "How musicMagpie turned old CDs into a £125 million a year business". Wired. Retrieved 3 February 2019.
- Begum, Shelina (21 February 2017). "musicMagpie is first in world to pass 5 million in eBay feedback". Manchester Evening News. Retrieved 3 February 2019.
- "How It Works | How Do I Sell My Phone & Tech?". musicMagpie. Retrieved 24 February 2020.
- Begum, Shelina (3 November 2017). "MusicMagpie strikes deal with Poundland to offer CDs, DVDs and Blu-Rays". Manchester Evening News. Retrieved 24 February 2020.