Premium Headphone Manufacturer Beats Buys MOG
USA – On the 2nd the California-based manufacturer of high-value headphones, Beats, acquired the internet music system MOG, a paid service which allows users to stream music to their computers or handled devices. MOG and Beats agreed terms of sale which mean that MOG will act as an independent organisation while its CEO reports to Beats.
Luke Wood, Chief Operating Officer and president of Beats, stated that this purchase is the most recent stage in Beats’ plan to gain a more significant stake in the digital music industry. The industry includes playback devices and media, as well as listening devices such as headphones and online systems – Beats now has influence in the last two areas. Wood went on to say that it is the company’s intention to own a portion of every stage of the path which brings music from the record company to the user. This, he said, will allow them to provide a truly premium music experience for their customers.
Beats began as a headphone company: its first product was a high-grade set of headphones which were marketed with the image of the influential rapper and hip-hop artist, Dr Dre. From the beginning, the headphones were marketed as a high quality item which would deliver a premium music experience. Dr Dre and Chairman of Interscope Geffen-A&M Records, Jimmy Iovine, were the entrepreneurs behind the company. Iovine announced in 2010, that the company intended to redress the trend for inexpensive headphones which provide listeners with a poor listening experience.
Sales figures demonstrate that customers are becoming more attracted to premium headphones. Last year, the proportion of headphones which were bought for more than $100 doubled to %6. Beats is the market leader in this category, with a share of 43% of the money spent in May this year, up from 35% in May last year. Beats is diversifying out of a market which sees increasing competition from other famous musicians such as 50 cent, as well as established brands like Sony. Overall, the purchase of Mog represents an ambitious change in pursuit of Beats’ goals of corporate success and the provision of high-quality music experience to its customers.
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