Apple Buys Beats for $3 Billion
*photo curtousy of Billboard
$3 billion is not a bad chunk of change … at ALL!
According to Billboard, Apple announces the deal that will put $3 Billion in to the pockets of Beats founders, Jimmy Iovine and Dr Dre.
The deal has been in the works for some time now, and should be finalized and all done by October. This included Beats Electronics and the music streaming service that Beats provides. The reasoning that Apple decided to make the $3 Billion purchase is of course future planning. With online streaming being in higher demand they believe it will benefit them in the end to apply that to what they already have going on with iTunes. On that note, iTunes downloads have dropped, and as above mentioned, on-demand streaming is becoming more and more popular.
Dre and Iovine will remain in the picture, and join Apple on the executive board. Though their involvement is yet to be known, it seems they will still have a say in the company.
I’m interested to see what comes of the purchase, and what we can expect in the near future with developments and advances!