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Apple to Acquire Beats Music & Beats Electronics
|By Business Wire
|May 28, 2014 04:30 PM EDT
Apple® today announced it has agreed to acquire the critically acclaimed
subscription streaming music service Beats Music, and Beats Electronics,
which makes the popular Beats headphones, speakers and audio software.
As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre
will join Apple. Apple is acquiring the two companies for a total of $3
billion, consisting of a purchase price of approximately $2.6 billion
and approximately $400 million that will vest over time.
Apple today announced it has agreed to acquire the critically acclaimed subscription streaming music service Beats Music, and Beats Electronics, which makes the popular Beats headphones, speakers and audio software. (Photo: Business Wire)
“Music is such an important part of all of our lives and holds a special
place within our hearts at Apple,” said Tim Cook, Apple’s CEO. “That’s
why we have kept investing in music and are bringing together these
extraordinary teams so we can continue to create the most innovative
music products and services in the world.”
“I’ve always known in my heart that Beats belonged with Apple,” said
Jimmy Iovine. “The idea when we started the company was inspired by
Apple’s unmatched ability to marry culture and technology. Apple’s deep
commitment to music fans, artists, songwriters and the music industry is
Iovine has been at the forefront of innovation in the music industry for
decades, and he has been an instrumental partner for Apple and iTunes®
for more than a decade. He has produced or collaborated with some of the
most successful artists in the history of the iTunes Store®, helping
make it the world’s number one music retailer. Iovine and Dr. Dre are
sound pioneers, artists and entrepreneurs.
Beats Electronics has brought the energy, emotion and excitement of
playback in the recording studio back to the listening experience and
has introduced an entirely new generation to premium sound
entertainment. Beats Music was developed by a team of people who have
each spent their entire career in music and provides music fans with an
incredible curated listening experience.
“Music is such an important part of Apple’s DNA and always will be,”
said Eddy Cue, Apple’s senior vice president of Internet Software and
Services. “The addition of Beats will make our music lineup even better,
from free streaming with iTunes Radio to a world-class subscription
service in Beats, and of course buying music from the iTunes Store as
customers have loved to do for years.”
In just five years since launch, the Beats “b” has become the brand of
choice in the music and sports worlds, and is the market leader in the
premium headphone market. Music superstars including Lady Gaga, Lil
Wayne and Nicki Minaj have designed their own customized Beats
headphones and speakers. Fashion designers and street artists such as
Alexander Wang, Futura and Snarkitecture have collaborated on special
limited products, while renowned athletes including LeBron James, Serena
Williams and Neymar use Beats as a critical part of their training and
game day process. Beats has quickly become part of pop culture in the US
and with the acquisition the Beats product lineup will be offered in
many more countries through the Apple Online Store, Apple’s retail
stores and select Apple Authorized Resellers.
Subject to regulatory approvals, Apple expects the transaction to close
in fiscal Q4.
Formally established in 2008 as the brainchild of legendary artist and
producer Dr. Dre and Chairman of Interscope Geffen A&M Records Jimmy
Iovine, Beats Electronics (Beats) comprises the Beats by Dr. Dre family
of premium consumer headphones, earphones, and speakers as well as
patented Beats Audio software technology and streaming music
subscription service Beats Music. Through these offerings, Beats has
effectively brought the energy, emotion and excitement of playback in
the recording studio to the listening experience and has introduced an
entirely new generation to the possibilities of premium sound
Beats Music is a subscription streaming music service that focuses on
providing a personalized music experience for each user through a unique
blend of digital innovation and musical passion. Programmed by a trusted
team of well-respected music experts with over 300 years of experience
across all genres, Beats Music delivers the right music for any
situation, any time, and any preference, personalized to your tastes.
The result is an artist-friendly digital music service that does more
than simply offer access to music, but one that establishes an emotional
connection to it as well.
Apple designs Macs, the best personal computers in the world, along with
OS X, iLife, iWork and professional software. Apple leads the digital
music revolution with its iPods and iTunes online store. Apple has
reinvented the mobile phone with its revolutionary iPhone and App Store,
and is defining the future of mobile media and computing devices with
NOTE TO EDITORS: For additional information visit Apple’s PR website (www.apple.com/pr),
or call Apple’s Media Helpline at (408) 974-2042.
© 2014 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac
OS, Macintosh, iTunes and iTunes Store are trademarks of Apple. Other
company and product names may be trademarks of their respective owners.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140528006701/en/
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