Beats headphones are highly recognizable and ubiquitous. And now, they’re loaded with cash.
Music industry players Dr. Dre and Jimmy Iovine founded the audio company Beats Electronics seven years ago. They are expected to generate more than $1.2 billion in revenue this year, according to The New York Times, and currently hold about 64 percent of the market for headphones costing more than $100, according to the NPD Group. Beats by Dr. Dre headphones are star-studded, colorful, and pricey.
And now, the investment firm Carlyle Group is giving them $500 million to help finance growth, and drive innovation.
Beats may be known for it’s seemingly oversized, instantly identifiable headphones, but they are also into wireless speakers and sound systems, earbuds and smartphones as well. And now, with another $500 million in the bank, the sky is the limit. Time to turn it up to eleven.