29 Thursday 29th May 2014
Yesterday Apple confirmed its long anticipated deal to buy headphone-maker Beats Electronics for $3bn, marking the largest deal in it's history. The two Beats co-founders – Dr Dre and Jimmy Lovine will be joining Apple as part of the agreement.
The size and scale of the deal may reflect Apple's determination to make a significant move, having failed to prove the company's ability to innovate without Steve Jobs, with no significant new products announced since the iPad several years ago.
To some extent the Beats deal addresses Apple's issue of innovation, while buying the company they also aquired two executives who know the music industry, in Dre and Lovine. RBC's Daryanani wrote: "another potential from a deal could be that Jimmy Lovine could help run the iTunes music strategy, which has been challenged in the recent quarters. He was one of the first industry executives to anticipate the download business’s decline and advocate for subscription and streaming services as music’s future".
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