Tagged money

Apple buying Beats has launched a fierce debate about its motives behind the billion dollar deal. This piece by the Daily Dot puts some numbers behind it (emphasis mine):

Dr.Dre—the greatest hip hop producer of all time—has helped Beats headphones attain the prime spot in the black American hierarchy of gadgets, even above the iPhone. The fact is, Apple never had cachet with black people. Android is king in Black America. Some 71 percent of Black Americans own smartphones—the highest rate of any demographic—with 73 percent of black smartphone owners eschewing Apple’s iPhone for Google, according to Nielsen. And that has little to do with the price. The collective buying power of 43 million black Americans is forecasted to reach $1.3 trillion by 2017. With Dr. Dre on board, Apple may gain the support of black Americans and a portion of their buying power—and, more importantly, their cultural influence.

Just think about it: Apple is one of the biggest companies in the world, and have put decades of work behind their brand image. They are spending billions of dollars just for access to the wallets of black Americans.

Times have changed.