Dr. Dre Officially Becomes Hip Hop’s First Billionaire

Image: Denise Truscello/WireImage.com

d and jIn a press release sent out earlier today, Apple officially announced their plan to acquire the highly acclaimed music subscription service, Beats Music, as well as Beats Electronics, makers of the extremely popular Beats headphones, speakers and audio software. As part of the deal, Beats co-founders Jimmy Iovine and Dr. Dre will join Apple in exchange for a total of $3 billion.

Apple is ecstatic to have these two music pioneers onboard, with Iovine an integral part of the careers of some of the most successful artists of all time and Dr. Dre doing the same, both behind the scenes as a producer and on tracks for his own albums, as well as many others.

Beats has made itself synonymous with audio equipment excellence and has managed to capture a major part (65%) of the market, thanks to its superior quality and endorsements from celebrity heavyweights such as Serena Williams, Lady Gaga, Lil Wayne and LeBron James.

Beats subscription service, coupled with Apples extensive iTunes library is sure to crush any competition in this category. This deal is the perfect union of technological excellence with industry knowledge and a certain level of “coolness” that can only be organically created.

Can’t wait to see the first Apple/Beats product that hits the market!