Beats Electronics to Acquire Digital Music Service MOG.
BEATS ELECTRONICS TO ACQUIRE DIGITAL MUSIC SERVICE MOG.
Santa Monica, CA—Monday, July 2, 2012—Beats Electronics LLC, the company co-founded by legendary artist and producer Dr. Dre with Interscope, Geffen, A&M Chairman Jimmy Iovine, announced today it has agreed to acquire the award winning on-demand digital music service MOG.
This is Beats Electronics’ first acquisition, and represents a significant milestone in the company’s commitment to creating the best end-to-end premium music experience for both fans and artists alike.
"Beats By Dre was born out of a need to restore the emotional connection with music that was lost by the degradation of sound from the digital music revolution, starting with the weakest link in the experience at the time—headphones," said Beats President and COO, Luke Wood. "But it was never about just headphones. We've since expanded the Beats mission to every other link in the music experience chain – speakers, mobile phones, personal computers and automobile sound systems. With MOG, we are adding the best music service to the Beats portfolio for the first truly end-to-end music experience. With their talent and technology, the possibilities around future innovation are endless."
MOG's music service will continue to operate as an independent company with no immediate changes to the service or impact on MOG users/subscribers in any way. The MOG Music Network (MMN), the premier destination for music content online and largest music focused advertising network, is not part of the acquisition and will remain its own entity. MOG employees will remain with the company and will continue to work out of MOG's offices in Berkeley, CA. MOG founder and CEO, David Hyman, will assume the title of CEO of MOG reporting directly to Beats President and COO Luke Wood.
"We're thrilled to be joining forces with Beats, a company that's committed at the highest level to the experience surrounding music delivery; the fit feels perfectly natural," said MOG CEO, David Hyman. "MOG subscribers can expect continued excellence from the best music service in the market, and we look forward to putting premium music experiences in the hands of millions of music lovers everywhere."
The acquisition closed today. Terms of the deal were not disclosed.
ABOUT BEATS ELECTRONICS LLC:
Established in 2008 as the brainchild of legendary artist and producer Dr. Dre and Chairman of Interscope Geffen A&M Records Jimmy Iovine, Beats Electronics is the parent company of the Beats™ by Dr. Dre™ line of high-quality headphones, Beats Audio™ HD-sound systems, and the MOG digital music service. The company's mission is to build quality music experiences for all elements of the digital music ecosystem—including headphones, devices and services—so that fans can hear music the way artists intended it to sound in the studio. This includes partnerships with computer manufacturer HP, automotive manufacturer Chrysler Group and mobile phone manufacturer HTC Mobile. Led by CEO Jimmy Iovine and President & COO Luke Wood, Beats Electronics is based in Santa Monica, CA. For more information, please visit http://beatsbydre.com/.
MOG's all-you-can-eat, award-winning listening service provides access to a vast library of over 15 million songs through its mobile apps on iPhone, iPad, iPod Touch and Android, on the Web, through consumer electronic devices, Internet connected TVs and Blu-ray players and in the car. MOG surpasses all other music listening services in its ease-of-use, discovery features and audio quality. Founded in June 2005 by David Hyman, former CEO for Gracenote, and headquartered in Berkeley, California, MOG investors include Menlo Ventures, Balderton Capital, Simon Equity Partners, Universal Music Group and Sony Music. Grammy-winning record producer Rick Rubin, named by TIME Magazine as one of the "100 Most Influential People in the World," is a member of the MOG Board of Directors.
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