Wix Buys DeviantArt for $36 Million (Update)
Wix.com has made an acquisition that greatly impacts the comic community. The Israel-based website building tool site has acquired DeviantArt, the online community for artists, designers, art fans. There’s around 325 million pieces of original art on the site with more than 40 million registered members. Wix purchased DeviantArt for $36 million in cash, including $3 million of assumed liabilities.
DeviantArt was founded in 2000 and raised about $13.5 million from backers including Autodesk, DivX, and individual investors. The site’s growth has really been through community with almost no investment in marketing or advertisement. DeviantArt also has been a supporter of artist allies such as at Comic-Con International San Diego (the site ended that in 2015 for SDCC). Still, it’s a site you see advertised by numerous artists and acts as a vital tool for writers to discover collaborators and artists to show off their skills.
The site will continue to operate on its own, but Wix will use it to help boost its website business. DeviantArt users will get Wix’s tools to build out their online presence, but beyond design, it’ll also cover commerce and other features.
Wix is also using DeviantArt to boost its own offering. The company will open up the community’s repository of art to Wix’s users for use on their own site building. It’s unknown how this will work.
Wix will also help develop DeviantArt’s desktop and mobile apps.
Angelo Sotira, co-founder and CEO of DeviantArt, will join the Wix management team. DeviantArt will continue to be based in LA.
Wix is currently valued at $2.86 billion and this deal will increase their revenue around $8 million to $417 million to $419 million, and its collections outlook by $9 million to between $461 million to $467 million. They said they will make $8 million in investments in the platform.