Beats Electronics, which is a subsidiary of Handset maker HTC Corp., might soon acquire the digital music subscription service MOG. Although the specific details are still unknown on the amount of the acquisition, the company has been in discussion with Beats for weeks. It is being speculated that the announcement on the acquisition might be announced within the next fortnight.
Chief Executive of MOG, David Hyman had last month diminished all speculation that were in the air regarding the sale of the company as it was struggling to stay afloat in the music subscription business.
It has gathered over $33 million from the investors and has over 500,000 active users. Although the figure of fully-paid subscribers is still unknown, integration of the site into Facebook has helped it retain its numbers which increased at nearly 5,000 new users a day. It has been not a having a good run since as it only has half of it percentage business from subscribers whereas other half comes from advertising.
HTC has being eyeing this market for some time to integrate this feature into its Smartphone business. It had put some of its stake in the Beats Electronics last year for over $300 million.
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