Apple have bought Beats for $3.2 billion, a company record acquisition. Beats, started by music producer Jimmy Iovine and rapper Dr. Dre, are well-known for their headphones, and launched a music streaming service earlier this year. Apple is expected to use the service to compete with Spotify.
Dr. Dre helped make headphones mainstream again with Beats and called himself “the first billionaire in hip-hop” after the sale. It is believed that he now moves up above P Diddy to the richest artist in the genre. Analysts have questioned the price of the deal, since Beats is valued at closer to $1 billion.