How to become the highest paid musician of the year: profit from a multi-billion dollar buyout of your company.
That’s the lesson to be learned from Forbes Magazine’s tally of the top paid musicians of 2014. Dr. Dre, or just “Dre” as he’s affectionately referred to by Tim Cook, amassed a whopping $620 million before taxes this year, giving him “the biggest single-year payday of any musician in history.”
Jimmy Iovine, Tim Cook, Andre “Dr. Dre” Young, and Eddy Cue. Photo: Apple
GQ Magazine has named Apple exec and Beats cofounder, Jimmy Iovine, as one its Men of the Year. To go with the annual honors, the music legend sat down for an interview to discuss how he went from sweeping floors in a New York recording studio at 19, to creating the iconic Beats brand at 55.
Apple acquired Iovine’s company for a record $3 billion earlier this year, but according to Jimmy, it took him about two years to convince Apple that they needed him to plug the musical hole Steve Jobs left when he died in 2011.
In an interesting Wall Street Journal profile of Beats founders Jimmy Iovine and Dr. Dre, the two music industry vets and current Apple employees describe their new $70m undergraduate academy at the University of Southern California as a training ground for future Apple and Beats employees.
“We wanted to build a school that we feel is what the entertainment industry needs right now,” Iovine is quoted as saying. “There’s a new kid in town, and he’s brought up on an iPad from one and a half years old. But the problem with some of the companies up north [in Silicon Valley] is that they really are culturally inept.”
“I’ve been shocked at the different species in Northern and Southern California—we don’t even speak the same language. The kid who’s going to have an advantage in the entertainment industry today is the kid who speaks both languages: technology and liberal arts. That’s what this school is about.”
There’s no beating Dre when it comes to earnings among hip-hop artists.
G-funk might have made Dr. Dre famous, but Beats made him wealthy to the tune of $620 million in pre-tax earnings, according to Forbes‘ recently published “Hip-Hop Cash Kings” list, which officially named the former rapper/producer the richest person in rap this year.
Off the back of Apple’s $3 billion acquisition, Dre’s so rich, in fact, that his wealth outstrips the other 24 “Cash Kings” on the list put together — which includes names like Jay Z and P-Diddy, who each took home $60 million from a combination of music, live concerts and endorsements.
Every now and then an Internet craze will spread around the world with everyone trying their hands at it. From the cinnamon challenge to the fire challenge, each one brings its own risks and sometimes even pain.
The latest challenge meme — the ALS Ice Bucket Challenge — has been a force unlike any other, sucking in celebrities like Justin Timberlake, Lady Gaga, Oprah and even a couple of top Apple employees.
In today’s video, we take a look this icy charity dare that’s taking over the world. See Apple executives, actors, athletes and more take part in this chilling experience and find out the reason behind it all.
Apple today officially welcomed Beats Music and Beats Electronics to its family, along with Beats co-founders Jimmy Iovine and Dr. Dre, following its $3 billion takeover back in May.
“Music has always held a special place in our hearts, and we’re thrilled to join forces with a group of people who love it as much as we do,” reads an announcement on Apple.com, while those buying products from the Beats website will now be routed through the Apple Store.
Apple is finalizing its acquisition of Beats Electronics ahead of the August 1st closing date, and while most of Beats’ top talent will be migrating to the mothership, about 40% of Beats’ global workforce will be cut during the transition.
Around 200 jobs at Beats Electronics will be cut as part of the merger, according to the NY Post, which reports offers were sent to from Apple to employees last week, some of which are just transitional offers with a set end date.
Jimmy Iovine and Dr. Dre just made billions off Apple’s acquisition of Beats Electronics, but the company is ready to squeeze out a few billion more from a ring of Chinese knockoffs.
Legal filings from Beats claim that cheap counterfeit headphones are screwing the company out of billions of profits by using the company’s popular “b” logo to rake in an ungodly $135 billion in sales. Now the doctor wants his cut.
It’s hard to imagine the inventor of gangsta rap having an office in the spotless halls of Apple’s Cupertino headquarters. Dr. Dre managed to rise above the streets of Compton to become the self-proclaimed “first hip-hop billionaire” thanks to Apple’s $3 billion acquisition of Beats.
While Dre is actually valued between $700-$800 million following the Beats sale, he is still an amazing success story. Not only did his hometown of Compton celebrate “Dre Day” for the first time this summer, but his incredible career is inspiring inner-city kids to dream big.