Beats Electronics was created in 2006 by Dr. Dre and Jimmy Iovine. They focused on premium speakers and headphones. In 2011, it was estimated they had over 60% of the $100+ speaker market. On August 1, 2014, Apple acquired the company for $3 billion in cash and stock. It was the largest acquisition in Apple’s history.
After being acquired by Apple, Beats Music (a Spotify competitor) was shut down and many of its features found their way into Apple Music. Apple continues to release products under the brand today.