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RANCHOS PALOS VERDES, California — Just hours after after Apple’s historic $3 billion acquisition of Beats, two architects of the deal, Apple VP Internet Software and Services Eddy Cue and Beats Co-Founder and CEO Jimmy Iovine, said this deal was, in some ways, a decade in the making.
Cue revealed that he and Iovine have known each other for 10 years. Iovine, who’s been making music for 40 years, actually visited a number of tech companies, including Apple, during the dawn of the digital music era between 1998 and 2003. “When I met Eddy and Steve [Jobs], I told [my team], ‘These guys get it. They know and respect what we do. They respect copyright and the entire food chain.’ I always wanted to work with them.”
It would take more than a decade for Apple and Beats to consummate the relationship. In the interim, Beats would connect with HTC. Iovine said he was convinced that mobile phones were the one thing that could save the music industry and desperately wanted a mobile partner. They chose HTC and it didn’t go well. “It was really a culture clash. It crashed and burned.”
Cue was, by the way, fully aware of Beats’ interest, but the time simply wasn’t right. Iovine joked that Apple makes deals the way “they make products,” which is to say slowly and carefully.
Now, Iovine gets his wish, although he’s actually working for Apple, not with them. He also surprised some when he stated that, “I just left the record industry four hours ago. I am a retired record executive.” Some expected Iovine to establish a music label for Apple. Of course, his partner Dr. Dre was not in attendance and he could continue to produce records for Apple under a Beats label.
Apple’s Cue outlined the three primary reasons the company made the biggest acquisition in its history:
The Talent: “[Jimmy Iovine] is the smartest person in music I have ever met.”
The hardware: “They’ve built amazing, premium headphones.”
Beats Music “It’s the first music subscription service done right.”
While Apple plans on keeping the Beats brand name alive, don’t be surprise if you see co-branded Apple headphones and portable speakers in the not-too-distant future. “We think there’s a huge opportunity for headphones…and speakers.” said Cue.
Beats Founder Jimmy Iovine
Image: Mashable, Lance Ulanoff
Both men described the music industry’s current situation as just this side of a Titanic-style disaster.
“Music is dying in the way that we know it,” said Cue and noted that while iTunes recently surpassed 35 billion downloads, the number of new music releases added this year is the smallest they’ve ever had.
“The record industry has dwindled a lot in the last 10 years,” said Iovine, adding, “The whole feel of the thing and the commentary on the music industry is so negative.”
From left to right: Walt Mossberg, Kara Swisher, Eddy Cue and Jimmy Iovine.
Image: Mashable, Lance Ulanoff
Both men see Beats curation model as a key to success, which, at least in Apple’s case is an about face for a company that showed no interest in the music subscription model. In fact Iovine recommends that other services, like Spotify, adopt the subscription model and fast. “Spotify is a very good service,” said Iovine, “but I think they need to push into curation as well. Because when you have these free services, it costs a fortune and it’s all being funded by venture capitalist.”
Cue and Iovine were not, however, ruling out the possibility of a free version of Beats music.
As for some of the nuts and bolts of the deal, Iovine and Dre will report to Eddy Cue for software services and Apple’s Phil Schiller for hardware. Iovine said he plans on spending a lot of time at Cupertino.
Source: http://mashable.com/2014/05/29/beats-deal-we/?utm_medium=feed&utm_source=rss
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