|May 28, 2014, 03:34 PM||#1|
Apple Announces $3 Billion Beats Acquisition, Jimmy Iovine and Dr. Dre Joining the Company
Apple is buying Beats Electronics and the Beats Music streaming service for a total of $3 billion. The acquisition is the largest in Apple's history and is the biggest move by CEO Tim Cook since he took the reins from Steve Jobs several years ago.
Beats co-founders Jimmy Iovine and Dr. Dre will join Apple as full time employees, with both reporting to iTunes head Eddy Cue. In an interview with The New York Times, Cook said Iovine and Dre were "really unique" and that "it's like finding the precise grain of sand on the beach. They're rare and very hard to find."
Cook said that "of course" Apple could have built a subscription music service rather than buying one, just like the company could have built all the technologies that it has acquired over the years. "You don't build everything yourself. It's not one thing that excites us here. It's the people. It's the service."
In the Times, Cook promised new features for Beats that will "blow your mind" as well as "products you haven't thought of yet". He promised the team would "take music to an even higher level than it is now."
Jimmy Iovine, Tim Cook, Dr. Dre and Eddy CueIn an interview with Re/code, Cook said that Apple felt Beats was the first subscription music service to "get it right:
Earlier this month, Spotify reported that it has 10 million paying subscribers to its music service, showing that many customers are now interested in such a service.
The Wall Street Journal says Iovine will quit as chairman of Interscope records to work full time at Apple. Dr. Dre will continue to produce music but do "as much as it takes" for Apple. The two men's titles will reportedly be "Jimmy and Dre". In a letter to employees, Tim Cook confirmed that the entire Beats team will be joining Apple under Eddy Cue and noted the company's commitment to curated content.
The acquisition will include $2.6 billion in cash and another $400 million that will vest over time. Apple expects the transaction to close sometime next quarter. The Beats Music iOS app has been updated with an extended 14-day trial period and a price drop to its yearly subscription to $100 from $120.
Beats Music is a free download for the iPhone and iPad. [Direct Link]
Article Link: Apple Announces $3 Billion Beats Acquisition, Jimmy Iovine and Dr. Dre Joining the Company
|May 28, 2014, 03:36 PM||#2|
WOW...so, it eventually happened! Hope we see some positive/beneficial outcomes out of this.
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|May 28, 2014, 03:36 PM||#4|
Oh no. Not good.
iPhone 6 64GB Space Grey iOS 8.3
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|May 28, 2014, 03:36 PM||#5|
Dre made the best deal of his life, Apple one of their worst.
How's the smut business, Jackie?
27" iMac i7 | 13" MBA 3rd Gen 128 SSD | iPad 3 64Gb | iPhone 4 32Gb | iPhone 4s 32Gb | AppleTV 2nd Gen | AppleTV 3rd Gen | iPod Classic 120Gb | iPod Nano 8Gb
|May 28, 2014, 03:37 PM||#10|
Let's hope they improve the quality of Beats headphones. They are very badly made, but cost the earth! It is however a very strong brand, with a huge celebrity following. Beats products seems to appear in every music video these days.
MacBook Pro (Early 2011), 2.3 GHz Intel Core i5, 4GB RAM, OS X Mavericks | iPhone 6
|May 28, 2014, 03:37 PM||#14|
This is the first time I think the cliche is actually true. I don't think this would have happened under Jobs. He would have insisted that their culture is irreproachable and they need not import another company to make a positive culture shift. I wouldn't say I admired that arrogance, but it was always entertaining to see the confident proclamation that they make the best products, no questions asked.
Read my Apple A8, iPhone 6 preview and prediction thread here: http://forums.macrumors.com/showthread.php?t=1770411
|May 28, 2014, 03:37 PM||#16|
It really is a smart move for Apple, two companies that have high prices and very hyped devices.
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|May 28, 2014, 03:37 PM||#17|
I'm looking forward to see what this brings, yes Beats aren't the best in the world but I have a pair and I really like them just wish they were a better colour (mine are black).
Iphone 6+ 128GB Gold, Macbook pro 2011 16GB RAM & 1.02TB SSD RAID.
Apple OS X 10.9.3 & Windows 8.1 Virtual Machine
"I miss you Steve"....
|May 28, 2014, 03:37 PM||#19|
[Steve Jobs was] brave enough to think differently, bold enough to believe he could change the world, and talented enough to do it. -Barack Obama
|May 28, 2014, 03:38 PM||#24|
I, for one, am pretty excited about this.
If you read up on your Apple history, you'd know that Iovine has helped Apple a lot and has had influence in the company since the introduction of iTunes. Plus he's a really big name in the music industry and that will certainly benefit Apple.
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