Fate of Apple Acquisition - Beats Music -- Still Hanging (But Is It?)
Back in May, Apple announced the acquisition of Beats Electronics which makes headphones and speakers, and Beats Music which provides subscription-based online music streaming service for a total of $3 billion.
In announcing the deal, Apple's CEO Tim Cook said, "Music is such an important part of all of our lives and holds a special place within our hearts at Apple. That's why we have kept investing in music and are bringing together these extraordinary teams so we can continue to create the most innovative music products and services in the world." In response, Beats co-founder Jimmy Iovine added, "I've always known in my heart that Beats belonged with Apple. The idea when we started the company was inspired by Apple's unmatched ability to marry culture and technology. Apple's deep commitment to music fans, artists, songwriters and the music industry is something special." The deal was closed just this August.
Barely a month hence, TechCrunch is already saying that Apple is planning to shut down Beats Music, taking the fact that the newly launched iPhones did not come pre-installed with Beats Music and that nothing was said about Beats Music during the Apple Watch announcement as red flags that the streaming music service will be discontinued. Peter Kafka of Re/code on the other hand maintained that "Apple won't shutter the streaming service. It may however modify Beats Music over time, and one of those changes could involved changing the Beats Music brand."
Apple spokesman Tom Neumayr denied Apple was shutting down Beats Music. He told USA TODAY: "It's not true." In fact, according to Mashable, Apple quietly updated its Apple TV set-top box last week with fresh software that includes Beats Music along with a new iOS8-like design. Said Mashable, "this software update changes that and give Beats Music a coveted spot - right below "Music" - in the Apple TV interface. It's a move that would seem to contradict recent reports that Apple is preparing to shutter the music service."
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