Apple Bought Beats Electronics For $3 Billion

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Apple has officially purchased Beats Electronics for $3 billion. When speaking about how integral music is to the general consumer in the digital age, Tim Cook said, �music is such an important part of all our lives and holds a special place within our hearts at Apple. That's why we have kept investing in music and bringing together these extraordinary teams so that we can continue to create the most innovative music products and services in the world.

Beats Electronics, co-founded by rapper, producer and hip-hop mogul Dr. Dre along with Interscope record label owner Jimmy Iovine, is comparable to Apple in so many ways that this new union seems like a very natural step. Beats are known for selling premium products and both Apple and Beats have sold to a similar demographic for a number of years now. Iovine stated that Beats was inspired by Apple's unmatched ability to marry culture and technology and he also added that he has always known in his heart that Beats belonged with Apple. Now that the two companies are one, Apple's industry stock has gone up considerable. It is expected that both Dr. Dre and Iovine will be a part of Apple's executive team but it isn't clear what roles they will be playing as yet.

Paying $3 billion for anything is a little out of the ordinary for Apple and they have never moved to purchase a high-profile entity like Beats Electronics before. Re/code interviewed Tim Cook on this matter and he stated that it is all about music, that Apple have always loved music and believed in the power of it and its ability to transcend language, culture and bring people together and produce emotions and deep feelings that other things can't. Speaking of Dr. Dre and Jimmy Iovine, Cook added that Beats brings to Apple two guys with very rare skills. He also went on to say that people like this aren't born every day and that they are very rare. They really get music deeply and Apple has gotten some great talent. Tim Cook believe that despite a mere 200,000 subscribers at this point in time, that the Beats Music subscription services is the first to have really gotten things right thanks to the human curation aspect.

We have already seen the subscription price drop by $20 to $99 for the year and the 7 day trial period extended to 14 days and we are sure there are great things to come. This is one story we will be keeping our eyes on and we will be sure to relay the information to you as it becomes available.