Apple Bets Big on Music with $3B Beats Buy

As rumored, Apple has acquired subscription service Beats Music and Beats Electronics -- maker of the Beats headphones, speakers and audio software -- for a whopping $3 billion.

Beats hit the market five years ago and has become a massive cultural hit. With the cache of its iconic co-founders, Dr. Dre and Jimmy Iovine, Beats has attracted the likes of Lady Gaga, Lil Wayne and Nicki Minaj to design their own customized Beats headphones and speakers. And Beats Music was developed by a team of people who have spent their careers in music, resulting in curated content that athletes like LeBron James, Serena Williams and Neymar say is a critical part of their training and game-day processes.

EUMusic is such an important part of all of our lives and holds a special place within our hearts at Apple,EU said Tim Cook, AppleEUs CEO. EUThatEUs 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.EU

The Brains Behind the Billions

Apple isnEUt just getting technology and hardware in the blockbuster deal, the company is also adding Beats co-founders Jimmy Iovine and Dr. Dre to its roster of talent.

Iovine, chairman of Interscope Geffen A&M Records, has been at the forefront of innovation in the music industry for decades. But many donEUt know heEUs also been a key partner for Apple and iTunes for more than 10 years.

Indeed, Iovine has produced or collaborated with some of the most successful artists in the history of the iTunes Store. Iovine and Dr. Dre, who started his career as a rapper, are sound pioneers, artists and entrepreneurs.

EUIEUve always known in my heart that Beats belonged with Apple,EU said Jimmy Iovine. EUThe idea when we started the company...

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