Turns out Dr. Dre and Jimmy Iovine are not content simply slinging hardware, the men behind the Beats by Dre brand are looking to get into the music streaming game. According to the LA Times, the Santa Monica-based headphone company will shortly announce its purchase of the music streaming service MOG.
Though nothing has been finalized, the Times's source says that the agreement will have Beats by Dre purchasing the Spotify competitor for $10 million.
Rumors of this acquisition sprang up in March, when it was discovered that the two companies were in talks Beats by Dre was reportedly looking to either build or buy a streaming music service and thought MOG would be a great addition.
MOG, which stands for Music on the Go, was founded in 2005 as a music-based social network. In 2009 it created its own web-based subscription-based music streaming service. A free version is ad supported, or you can pay either $4.99 or $9.99 per month for ad-free versions with advanced features In 2010 MOG released iOS and Android apps that allowed subscribers to stream its 14 million songs on the go.
[via LA Times]
