Confirmed: Beats Electronics Acquires MOG
MOG is a streaming music service that has been acquired by Beats Electronics. MOG is a subscription based streaming music service that is similar to Spotify, Rhapsody, and Rdio. MOG has a free ad-supported version of the service and an ad-free $4.99 per month web subscription. There is also an ad-free $9.99 per month web/mobile device subscription. The acquisition is happening just months after rumors floated that MOG was for sale. We first reported that Beats acquired MOG in March 2012, but now it is confirmed.
Beats paid $14 million for MOG. Beats said that MOG is an attractive purchase because it was the first music service to have a 16 million song catalog in the 320 kbps format across multiple devices and platforms.
“Beats is a company as obsessed with sound quality as we are, and we share a common goal of creating a more premium sound experience and emotional connection with music in the digital era,” stated MOG founder and CEO David Hyman.
MOG was founded Berkeley, California about 7 years ago. MOG raised $24.9 million in funding from Menlo Ventures, Balderton Capital, etc.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry