Dr. Dre’s Beats Electronics made a big move toward furthering their dominance in music this week, as news surfaced of their acquisition of digital music provider, MOG.
While terms of the deal were not disclosed, as of press time, a source tells the Los Angeles Times that Beats — known mostly for their line of Beats by Dr. Dre headphones — paid less than $10 million for MOG, a streaming music service boasting around 500,000 registered users.
“[Beats] was never about just headphones,” Luke Wood, Beats Electronics’ President and COO, said. “We’ve … expanded the Beats mission to every other link in the music experience chain — speakers, mobile phones, personal computers and automobile sound systems. With MOG, we are adding the best music service to the Beats portfolio for the first truly end-to-end music experience. With their talent and technology, the possibilities around future innovation are endless.”
Wood added that, despite the acquisition, MOG will continue to operate as a stand-alone music service. However, the company plans to explore options in integrating with Beats.
MOG Chief Executive David Hyman will continue to head the company, while reporting to Wood and Jimmy Iovine.
“We’re thrilled to be joining forces with Beats, a company that’s committed at the highest level to the experience surrounding music delivery; the fit feels perfectly natural,” said MOG’s Hyman. “MOG subscribers can expect continued excellence from the best music service in the market, and we look forward to putting premium music experiences in the hands of millions of music lovers everywhere.”
Stay tuned for further info…