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News & Features Finance Dr Dre Sells 51% of His Company for $309million

Dr Dre Sells 51% of His Company for $309million Featured

Written by Entrepreneur Country on Monday, 15 August 2011 10:34
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Dr. Dre has sold 51 per cent of his audio company Beats Electronics to smartphone manufacturers HTC for $309 million (£190 million).

Dr Dre set the company up in 2008 with Geffen records executive Jimmy Iovine and has since launched headphones endorsed by the likes of Lady Gaga, Justin Bieber and Diddy, who each put their name to their own signature headphones.

HTC have indicated that they will look to export the technology from Beats into smartphones as soon as they can.

Dr. Dre set up the company after noticing a gap in the market:

"People aren't hearing all the music. Artists and producers work hard in the studio perfecting their sound. But people can't really hear it with normal headphones. Most headphones can't handle the bass, the detail, the dynamics. Bottom line, the music doesn't move you. With Beats, people are going to hear what the artists hear, and listen to the music the way they should: the way I do."

HTC have attempted to differentiate themselves from the competition by aligning themselves to music. The move is not the first instance of a brand utilising music to sell devices with Nokia's ill-fated attempt to offer music to their users.

Will HTC succeed where Nokia failed?

Earlier this year the company was announced as the biggest selling mobile device brand in the UK.

Last modified on Monday, 15 August 2011 11:08
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