|Beats by Dr. Dre Studio headphones (picture from prior to 2012). After 2012, Beats Electronic LLC started manufacturing its products in-house rather than using Monster Cable Products Inc. for manufacturing.|
The Beats Electronic company was founded in 2008 by rapper Dr. Dre and Interscope Records chairman Jimmy Iovine. The company's first product, Beats by Dr. Dre Studio headphones, debuted later that year. Prior to the emergence of this product, mainstream headphones were becoming a thing of the past as earbuds began to take hold in the mass market. However, the company's promotional tactics relied on celebrity endorsements and product placement. Soon after this marketing approach took hold, the company's popularity skyrocketed. Headphones were no longer soly used by outdated techies and studio music producers/musicians. In 2011, Beats Electronic reached around $500 million in annual sales. A few months ago, the company released a Spotify-like payed music streaming service called Beats Music that Apple may also be taking an interest in.
An Apple Inc. acquisition of Beats Electronic means that most Apple products can be equipped with superior audio technology. This also means that Apple gets the rights to Beats Music and can therefore incorporate it directly into iTunes. For anyone who enjoys listening to music or enjoys using Apple products in general, this acquisition, assuming it goes through, seems nothing short of awesome.