Iovine perceived two key problems in the music industry: the impact of piracy on music sales and the substandard audio quality provided by Apple's plastic earbuds. Dre and record company executive Jimmy Iovine. On August 1, 2014, Apple acquired Beats for $3 billion in a cash and stock deal, the largest acquisition in Apple's history.īeats was established in 2006 by music producer Dr. Concurrently, Carlyle Group replaced HTC as a minority shareholder, alongside Dr. The company reduced its stake to 25% in 2012, and sold its remaining stake back to the company in 2013. įor a period, the company was majority-owned by Taiwanese smartphone maker HTC. for headphones priced higher than $100, and the brand was valued at $1 billion in September 2013. In 2011, NPD Group reported that Beats' market share was 64% in the U.S. In 2014, the company expanded into the online music market with the launch of a subscription-based streaming service, Beats Music. Following the end of its contract with the company, Beats took further development of its products in-house. The company's original product line was manufactured in partnership with the AV equipment company Monster Cable Products. The subsidiary's product line is primarily focused on headphones and speakers.
Since 2014, it has been an Apple subsidiary.
The company was founded by music producer Dr. Dre, or simply Beats by Dre) is an American consumer audio products manufacturer headquartered in Culver City, California. Beats Electronics LLC (also known as Beats by Dr.
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