Start-ups
Dr. Dre, Lady Gaga and Interscope-Geffen-A&M Record Chairman and Beats by Dre Co-Founder Jimmy Iovine
creating musical tracks
that
have
defined a generation. And, unlike his industry contemporaries, Dr. Dre worked on a product line outside of celebrity convention.
Launched in 2008, Dr. Dre teamed up with a handful of partners to launch Beats by Dr. Dre, a line of premium headphones. Currently, Beats by Dr. Dre sells over 50% market share of the premium headphone industry, with a single pair of headphones retailing at $100+. As a result of the products success, Dr. Dre collected $100 million pre-tax (profit) when handset maker HTC paid $300 million for a 51% stake in the company last year.
Dr Dre’s objective from the beginning was simple - to allow the consumer to ‘hear what the artists hear, and listen to the music the way they should – the
way I do.’ By focusing solely on quality, the company is regarded as a market leader in its sector and rightly so. Following meticulous testing, Beats offer a high calibre product which is both functional and technologically superior to competitors in the market.
The producer-turned-entrepreneur is now unstoppable, with Beats technology being incorporated into software and hardware. In 2011, HP began to offer personal computers (such as Envy laptops, its all-in- one TouchSmart desktops and its TouchPad webOS tablet) already equipped with Beats Audio systems, featuring Beats software which is optimised for high quality sound output. The company also partnered with Chrysler, incorporating a 10-speaker Beats by Dr. Dre sound system in its 2012 Chrysler 300S luxury range.
Beat’s has even ventured into the digital music space, acquiring MOG Music Network for an undisclosed amount this year. MOG Music Network is a music website offering high quality audio files, making it a perfect fit for the brand.
By utilising his personal strengths and identifying a gap in the market, Dr. Dre has been able to leverage his brand to create a quality-centric business with clear aspirations for the company’s expansion plans. In the celebrity battle to dominate the purse strings of the consumer, those who are able to create a viable business model by utilising their own skill sets rather than putting their stamp on other people’s is the true path to an innovative celebrity product.
27 entrepreneurcountry
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