HTC purchase and non-renewal of Monster contract Beats' use of endorsements by musicians helped the company aggressively target the young adult demographics. To promote its products, Beats primarily relied on celebrity endorsements by pop and hip-hop music performers, including product placement within music videos, and partnering with musicians and other celebrities to develop co-branded products. On August 1, 2014, Apple acquired Beats for $3 billion in a cash and stock deal, the largest acquisition in Apple's history. Concurrently, Carlyle Group replaced HTC as a minority shareholder, alongside Dr. The company reduced its stake to 25% in 2012, and sold its remaining stake back to the company in 2013. įor a period, the company was majority-owned by Taiwanese smartphone maker HTC. for headphones priced higher than $100, and the brand was valued at $1 billion in September 2013. In 2011, NPD Group reported that Beats' market share was 64% in the U.S.
In 2014, the company expanded into the online music market with the launch of a subscription-based streaming service, Beats Music. Following the end of its contract with the company, Beats took further development of its products in-house. The company's original product line was manufactured in partnership with the AV equipment company Monster Cable Products. The subsidiary's product line is primarily focused on headphones and speakers. Since 2014, it has been an Apple subsidiary. Dre and record company executive Jimmy Iovine. The company was founded by music producer Dr. Dre, or simply Beats by Dre) is an American consumer audio products manufacturer headquartered in Culver City, California. Beats Electronics LLC (also known as Beats by Dr.
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