Apple + Beats: Ryan Ford Gives AdWeek.com Insight On The Buy
Today, Apple confirmed they will pay a cool $3 billion for Beats Electronics. Of course this doesn't come as a surprise, since much of the Internet was buzzing two weeks ago when rumors were swirling around. But now that the two titans have "tied the knot," many people are curious and eager to see how this is going to impact not only music, but the future of Apple.Our Executive Vice President and Chief Creative Officer, Ryan Ford, spoke with Adweek.com today to offer some expert insight as to why this purchase was a great look for Apple and why it's all about the next 10 years for both brands.
The streaming music space is full of complicated deals with musicians and labels that demand payment for their services. So, having someone like Iovine who knows the ins and outs of the industry is key, said Ryan Ford, EVP and chief creative officer at the Cashmere Agency and former executive editor of The Source magazine.
Ford also noted that while Apple has had success with iTunes, it's primarily a tech company. Adding Iovine and Dre to the roster gives them legitimacy in the music space, as both titans have been able to find success from both the creative and publishing side. With younger generations moving to streaming music as their main source instead of buying purchased tracks that clog up space on devices, Apple can now get on track with younger generations.
"That's something you can't really buy into, how to really impact these young people in a really authentic way. Apple has done that for 10-plus years, but this is about the next 10 years," Ford said.
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