Rapper/producer Andre “Dr. Dre” Young founded Beats Electronics in 2006 alongside former Interscope Geffen A&M Records chairman Jimmy Iovine. The company manufactures headphones, earbuds, and bluetooth speakers. They also have a streaming music service which competes with Spotify.
The company raised their profile through product placement of Beats by Dre headphones and Beats pill speakers in numerous music videos. Beats are sold at a higher price point than most headphones and brand has helped bolster its luxury image through collaborations with high-end leather goods brand MCM as well as graphic artists.
Beats is one of the most successful celebrity brands of all time. In August 2014, Apple Inc. acquired Beats for $3 billion.