Dr. Dre & Jimmy Iovine’s Beats By Dre headphones and the Monster manufacturer company will part ways following the end of their current contract. The spilt involves some differences with financial terms, as Business Week is reporting “Its products captured 53 percent of the $1 billion annual headphone market last year, according to researcher NPD Group.”
Noel Lee, the chief executive of Monster Cable Products feels comfortable that this will in no way damage Monster and its revenue. In an interview with BW Lee states, “We’re competing with ourselves…. We can be the Apple (AAPL) of the headphones space, with or without Beats.”
This will make both companies rivals in their own right as Monster Cable is reportedly rolling out a total of 8 lines of headphones to rival Beats 53 percent hold on the current market.
– Sean Lynch (@Kiddfuture)
Props: BW