Photo: WENN
It has been confirmed that Apple will buy Beats by Dre. for a grand total of $3 billion, after recent rumours of the enormous buyout.
The purchase will see the computing giant take control of both the brand's streaming service and hardware sales. Included with the deal, co-founder of Interscope Jimmy Iovine will leave the label to work with Apple full time.
"I've always known in my heart that Beats belonged with Apple," he said. "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."
Watch Dre. celebrate his success modestly below
Apple will purchase both branches of the Beats company for $2.6 billion with an additional $400 million that will go to the company in coming years.
CEO Tim Cook commented: "Music is such an important part of all of our lives and holds a special place within our hearts at Apple. 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."
So what does this mean for consumers? Not much except for Dre's low quality overpriced brand colliding with a high quality brand. Which could see the hardware and software provided by the company improve. Also for music fans you can probably wave goodbye to any hopes of hearing Dre's Detox album.
Below: Rap's rich list 2014 as published by Forbes
