Beats $500-Million Investment
On Sept. 28, 2013, Beats Electronics, headed by hip-hop producer Dr. Dre and Interscope entrepreneur Jimmy Iovine, secured a $500 million investment for their company from The Carlyle Group.
Since then, the duo has announced an expansion of their company. On Dec. 5, 2013, Beats said in January it would be launching Beats Music, a new online streaming platform.
“We are confident that Beats will continue to drive innovation and growth in the premium audio accessory market, particularly as the proliferation of smartphones and tablets stimulate increased consumption of digital media,” Sandra J. Horbach, head of Carlyle’s consumer and retail team, said in a statement.
