Beats Electronics, LLC is a producer of audio products and equipment headquartered in Santa Monica, California. The company was founded by hip-hop/rap artist and entrepreneur Andre Dr. Dre Young and Interscope-Geffen-A&M Records chairman Jimmy Iovine, and primarily produces products under the brand Beats by Dr. Dre. Since its inception, its products have been primarily manufactured and developed in collaboration with consumer electronics company Monster Cable. The collaboration has led to financial success for both companies__ Beats headphones accounted for 53% of the monetary value of the headphones market in the year 2011, and has also led to competition from other headphone brands seeking to emulate the success of Beats by introducing lines with similar celebrity endorsements. The company is currently majority owned by HTC Corporation. Dr. Dre, Jimmy Iovine and Universal Music Group all own minority shares in Beats. The company was founded in 2006, and debuted its first product, Beats by Dr. Dre headphones, at the beginning of 2009. Monster was granted exclusive rights under a 5 year-contract to manufacture and develop Beats-branded headphones. Monster's CEO Noel Lee insisted
Contributions by Srobak, Shaundeperez.SP, and ClueBot NG.