Today, Fast Company author Dishman discusses how Beats Electronic Company introduced Dr. Dre’s first pair of headphones in 2008. Beats Electronic has snapped up 51% of an estimated $1 billion in the headphone market since being introduced four years ago. Luke Woods, the owner of Beats Electronic, has diversified beyond the headphone market by building its sound technology in HP computers and Chrysler vehicles such as the Chrysler 300, Dodge Charger, and Fiat 500 (Dishman, 2012). Beats Electronic did not anticipate any marketing moves or even any endorsements. Wood is content to have the biggest names in the Entertainment industry film many music videos in recording studios that feature artists jamming with Beats on.
Luke Wood sold the majority of
its stakes in the company in exchange for $300 million investments by smartphone
manufacturer HTC. As part owner, music
icon Dr. Dre purchased off $150 million worth of shares earning the music mogul
$100 million. Additionally, the investment positioned Dr. Dre to be one of the
highest earning hip-hop stars without creating a new record.
Wood discussed the possibility of
the business expanding beyond its namesake product. Magic and creativity can
come from any part of the company. Wood also mentions “if we always think ahead
to where we haven’t gone before, you have an association with tremendous
longevity,” (Dishman, 2012).
References
Dishman, L. (n.d.). How Dr. Dre's Burgeoning Headphones
Company Stays True To Its Bass-Thumping Roots | Fast Company. Fast Company.
Retrieved September 13, 2012, from
http://www.fastcompany.com/3001234/how-dr-dres-burgeoning-headphones-company-stays-true-its-bass-thumping-roots?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+fastcompany%2Fheadlines+%28Fast+Company%29&utm_content=Google+Reader
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