Beats co-founders Jimmy Iovine and Dr. Dre will join Apple as full time employees, with both reporting to iTunes head Eddy Cue. In an interview with The New York Times , Cook said Iovine and Dre were "really unique" and that "it's like finding the precise grain of sand on the beach. They're rare and very hard to find."
Cook said that "of course" Apple could have built a subscription music service rather than buying one, just like the company could have built all the technologies that it has acquired over the years. "You don’t build everything yourself. It’s not one thing that excites us here. It's the people. It’s the service."
In the Times, Cook promised new features for Beats that will "blow your mind" as well as "products you haven't thought of yet". He promised the team would "take music to an even higher level than it is now."
Jimmy Iovine, Tim Cook, Dr. Dre and Eddy Cue
“Music is such an important part of all of our lives and holds a special place within our hearts at Apple,” said Tim Cook, Apple’s CEO. “That’s why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world.”
“I’ve always known in my heart that Beats belonged with Apple,” said Jimmy Iovine. “The idea when we started the company was inspired by Apple’s unmatched ability to marry culture and technology. Apple’s deep commitment to music fans, artists, songwriters and the music industry is something special.”
The acquisition will include $2.6 billion in cash and another $400 million that will vest over time. Apple expects the transaction to close sometime next quarter. The Beats Music iOS app has been updated with an extended 14-day trial period and a price drop to its yearly subscription to $100 from $120.
Beats Music is a free download for the iPhone and iPad. [Direct Link]
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