Beats Audio, the producer of audio products and equipment is close to purchasing the digital music subscription service MOG, say sources.
HTC recently purchased Beats Audio, which was started by hip-hop mogul Dr. Dre and executive Jimmy Iovine, and it appears the companies are not done with acquisitions.
Allegedly, Beats and MOG have been in talks for weeks and an announcement could be made this week. Both companies declined comment.
MOG has already raised $33 million in venture capital since launch from investors, and the buyout price is expected to be higher than the current investment. MOG also owns a very successful ad network for music sites.
The service has 500,000 active users although it is unclear how many are paying subscribers.
If accurate, HTC will likely discount the service or even offer it for free with new HTC smartphones as a way to entice new customers. HTC has struggled to keep their growth afloat thanks to the rise of Samsung in the smartphone market.
Allegedly, Beats and MOG have been in talks for weeks and an announcement could be made this week. Both companies declined comment.
MOG has already raised $33 million in venture capital since launch from investors, and the buyout price is expected to be higher than the current investment. MOG also owns a very successful ad network for music sites.
The service has 500,000 active users although it is unclear how many are paying subscribers.
If accurate, HTC will likely discount the service or even offer it for free with new HTC smartphones as a way to entice new customers. HTC has struggled to keep their growth afloat thanks to the rise of Samsung in the smartphone market.
