Thu May 29, 2014
Apple's Beats Acquisition Could Facilitate Streaming Service
STEVE INSKEEP, HOST:
And with that, our last word in business is winners and losers.
DAVID GREENE, HOST:
According to Zack O'Malley, Greenburg of Forbes, thanks to that Beats sale, Dr. Dre stands to surpass Sean Diddy Combs as hip-hop's richest man.
O'MALLEY: We placed Diddy's net worth at 700 million as of a couple of months ago. Dr. Dre was at 550 million.
GREENE: Greenburg says the deal with Apple will likely bump up his net worth between 700 and 800 million.
INSKEEP: Now let's talk about the losers. Cellist Zoe Keating, whose music is sometimes heard during breaks in this program, told Bloomberg Businessweek that the transition from owning music to accessing music online will mean a big hit to musicians.
GREENE: She says she made about $72,000 from music downloads last year and only about $6,000 from streaming services.
INSKEEP: Other artists protest the meager pay by refusing to put their music on Spotify - they include the Black Keys, AC/DC and Garth Brooks.
GREENE: And now that Apple's in the game, it looks like streaming really is taking over. So for musicians, maybe that means it's time to - I don't know - get in the business of producing headphones.
INSKEEP: Whatever works.
GREENE: Whatever works. That's the business news on MORNING EDITION. From NPR News, I'm David Greene.
INSKEEP: And I'm Steve Inskeep. Transcript provided by NPR, Copyright NPR.