Dr. Dre could be the first Hip Hop billionaire if Apple has anything to do with it, Forbes just listed the wealthiest moguls in hip hop and Dr. Dre came in second place… with an estimated wealth of $550 million. But if Apple’s acquisition gets the green light, it could propel him to the number one spot, surpassing Sean Combs, aka Puff Daddy, who has a net worth of $700 million.
Financial Times early Friday revealed that the U.S. tech giant’s purchase of Beats Electronics is valued around $3.2 billion. Dr. Dre and Jimmy Iovine started Beats by Dre back in 2008 With an around 65 percent share of the headphone market, the company’s valuation has topped the $1 billion mark. Congratulations to Dr. Dre… Well deserved!
Apple is set to acquire headphone maker and music company Beats Electronics for a reported $3.2 billion. The acquisition could be announced as early as next week, the Financial Times reported, based on people familiar with the negotiations. USA TODAY independently confirmed the deal through a source who is not authorized to speak publicly about it. (USA Today)
Reports claim Apple retail outlets have sold Beats over the years.
The Apple retail stores have been selling the Beats headphones with the “b” logo almost since their invention, and have scored substantial space on the stores’ wall shelving. In fact, according to the privately-held Beats, it has a 51 percent share of the $1 billion premium headphone market (over $100). Beats COO Luke Wood has even claimed the company created the market for premium headphones back in 2008. Some of Beats over-the-ear models are priced at $450, while earphones are priced down to $90. (Forbes)
Dre’s Beats headphones company helped land him a top three spot on Forbes’ “World’s Highest Paid Hip Hop Artists” list behind Diddy and Jay Z last year.
Hip-hop’s net worth king claims his first annual earnings crown thanks mostly to the success of Ciroc vodka. Other ingredients in his cash cocktail: record label Bad Boy, clothing line Sean John and, soon, cable channel Revolt. Lost his hyphen but gained double-digit millions from lucrative live shows, Armand de Brignac champagne, D’Ussé cognac, Roc Nation label/management firm and other ventures. Last year’s Cash King slips two spots, no longer boosted by a nine-figure payout for selling part of Beats by Dr. Dre in 2011. But he’s still cashing in on the ubiquitous headphones, expanding the company he founded with Interscope chief Jimmy Iovine to include a long-awaited streaming music service. (Forbes)
Check out Dre and Tyrese celebrating becoming the first Billionaire in Hip Hop (video)
“The first billionaire in hip-hop, right here on the motherf—in’ West Coast,” Dre announces
This acquisition will be the largest in Apple’s history….Apple’s purchase of Dr. Dre’s Beats Electronics looks like a done deal, Tyrese posted on his Facebook page celebrating with Dr. Dre and later deleted but not before it went viral on the web…….a victory for sure for Dr. Dre and Jimmy Iovine!!
“Billionaire boys club for real, homie,” Tyrese said. “Oh s—, the Forbes list just changed. They need to update the Forbes list, s— just changed.”