Apple's purchase of Beats paid off
Apple will acquire Beats Music & Beats Electronics
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PRESS RELEASE28. May 2014
CUPERTINO, California - May 28, 2014 - Apple announced today that it has agreed to acquire the popular music streaming subscription service, Beats Music and Beats Electronics, maker of the popular Beats headphones, speakers and audio software. As part of the acquisition, Beats co-founders Jimmy Iovine and Dr. Dre, join Apple. Apple will take over the two companies for a total of US $ 3 billion, the sum of which is made up of a selling price of approximately US $ 2.6 billion and approximately US $ 400 million that will be gradually paid out.
"Music is such an important part of the lives of all of us and has a special place in the heart of Apple," said Tim Cook, Apple's CEO. "That's why we've always invested in music and are now bringing these amazing teams together to continue creating the world's most innovative music products and solutions."
"I've always known, deep down in my heart, that Beats belongs to Apple," says Jimmy Iovine. "The idea when we started the company was inspired by Apple's unmatched combination of culture and technology. Apple's strong commitment to music fans, artists, songwriters and the music industry is something special."
Iovine has pioneered music innovation for decades, and has been a helpful partner to Apple and iTunes for over ten years. He has worked with or produced music with some of the most successful artists in iTunes store history, helping iTunes become the world's leading music distributor. Iovine and Dr. Dre are sound pioneers, artists and entrepreneurs.
Beats Electronics has succeeded in incorporating the energy, emotion and ecstasy from the recording studio into enjoying music at home, thereby introducing a completely new generation of high-quality sound reproduction. Developed by a team that has devoted their entire career to music, Beats Music offers music fans an incredibly organized listening experience.
"Music is and always will be such an important part of Apple's DNA," said Eddy Cue, Apple's senior vice president of Internet Software and Services. "Adding Beats just makes our music offering even better, from free streaming on iTunes Radio to a world-class subscription service with Beats and of course buying music from the iTunes Store that customers have loved for years."
In just five years from its launch, Beats' "b" has become the preferred brand in the world of music and sports and is the leader in the premium headphone market. Music superstars like Lady Gaga, Lil Wayne or Nicki Minaj have designed their own individual headphones and speakers from Beats. Fashion designers and street artists such as Alexander Wang, Futura or Snarkitecture have contributed to special products that are limited in number, while well-known athletes such as LeBron James, Serena Williams or Neymar use beats as an important part of their training or competition day. Beats have quickly become part of American pop culture, and with the acquisition of Beats, the product offering will be available in many more countries through the Apple Online Store, Apple Retail Stores and select Apple Authorized Resellers.
Depending on the approval of the authorities, Apple expects to complete the transaction in the fourth quarter of the fiscal year.
Officially in 2008 as the spiritual child of the famous artist and producer Dr. Dre and Interscope Geffen A&M Records Chairman Jimmy Iovine, Beats Electronics (Beats) consists of the Beats by Dr. Dre product family of high-quality headphones, earphones and speakers, the patented software technology Beats Audio and the subscription service for music streaming Beats Music. With these offers, Beats has succeeded in allowing the energy, emotion and ecstasy from the recording studio to flow into the enjoyment of music at home, thus introducing a completely new generation of possibilities for high-quality sound reproduction.
Beats Music is a subscription service for music streaming that focuses on providing each user with a personalized music experience through a unique blend of digital innovation and passion for music. Programmed by a well-rehearsed team of renowned music experts with over 300 years of experience across all genres, Beats Music delivers the right music for every situation, every time and every preference, individually tailored to the respective musical taste. The result is an artist-friendly digital music service that offers more than just access to the music, but also creates an emotional bond with it.
Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and various professional software applications. Apple is leading the digital music revolution with its iPods and the iTunes online store. Apple has reinvented the mobile phone with the revolutionary iPhone and App Store and is redefining the future of mobile media and computers with the iPad.
© 2014 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS, Macintosh, iTunes and iTunes Store are trademarks of Apple. All other company and product names can be trademarks of the respective companies with which they are associated.
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