Several weeks ago I made the decision to hold off from posting news about this alleged acquisition because there had been no official statement confirming this deal.
Dr Dre and singer/actor Tyrese Gibson stupidly boasting on YouTube about the prospect of Dre becoming “Hip Hop’s first billionaire” BEFORE an official statement had been issued confirming the news from all parties involved, was not confirmation as far as I was concerned. An official statement from Apple and Dre’s business partner (Interscope records founder, Chairman for Universal Music) Jimmy Iovine was the confirmation I was looking for.
Anyway according to Express & Star Apple has now confirmed that they are going to buy the luxury headphone brand and it’s music streaming service for 3 billion dollars (£1.78 billion).
Apple chief executive Tim Cook said:
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple.
“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.”
Jimmy Iovine said:
I’ve always known in my heart that Beats belonged with Apple.
“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 something special.”
He added that Beats earned 1.1 billion dollars (£653.4 million) in revenue last year and will boost Apple’s earnings once the new fiscal year begins in October.
Let this be a lesson to all you young upstarts in the music industry. Keeping extremely close to the individuals who actually run/own the industry does have it’s benefits. You too might become a “billionaire” one day.
Congratulations Andre Romelle Young aka Dr Dre.