Beats Electronics CEO Jimmy Iovine said that they will be launching a music subscription service in January. Beats Electronics is a headphone company that was founded by Iovine and Dr. Dre. The new service is expected to compete against services like Spotify, Rdio, Deezer, and Pandora. The service was expected to launch this past summer.
Beats by Dr. Dre Posts
Beats said that the Beats Music streaming service will be arriving in the next few months in the U.S. Beats president and COO Luke Wood said that the Beats streaming music service will be available on the desktop, iOS, and Android. A dedicated Windows 8 app will be arriving later than that.
Beats Electronics is looking to buy out HTC’s 25% stake in the company. Beats’ flagship product is known as the Beats by Dr. Dre headphones. At one point, HTC owned 50.1% of Beats Electronics. Beats Electronics LLC was founded by Andre Young (known as Dr. Dre) and music executive Jimmy Iovine.
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Beats Electronics has announced that the new Beats Studio headphones will be coming this August with a price tag of $299. The new Beats Studio headphones will have quality and design improvements along with a new rechargeable Lithium-ion battery. There are three versions of the new headphones and they are designed with lighter materials than the original version. They are also stronger and more flexible. None of the screws are visible and the headphones do not feature any straight lines. The ear cups are adjustable through an “ergonomic adjustment mechanism.”
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Beats Audio, the company behind the popular headphones, has raised $60 million in funding led by billionaire Len Blavatnik. Blavatnik will be using the money to create a music streaming service called Daisy. Beats Audio was founded by music producer Jimmy Iovine and rapper Dr. Dre.
Last year HTC spent $300 million to acquire a majority stake in Beats Audio. HTC has sold back 25% of Beats’ shares back to the company for $150 million. HTC and Beats are calling this deal a realignment, which “provides Beats with more flexibility for global expansion.” HTC will remain as the single largest outside shareholder in the company with about 25% ownership of the company. HTC now has 75% of the company. HTC wil remain as the exclusive mobile device company to have Beats Audio. The two companies will be working on a joint marketing campaign later this year too.
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.