Beats confirms acquisition of MOG music streaming service

Beats Audio, which is largely owned by HTC, has confirmed that it has acquired the music streaming service MOG. HTC probably wants to offer streaming music on mobile devices with the acquisition.

The acquisition amount has not been disclosed, but according to rumors Beats has paid 14 million euros for MOG. In addition, Beats will acquire the music streaming service, but the MOG business unit that serves music-oriented advertisements will continue to exist as a separate company. The employees of the music streaming service also remain a separate part of Beats, with no reports of any plans with MOG.

Because HTC is a major shareholder of Beats, it is likely that the Taiwanese manufacturer has plans to expand MOG’s services. Previously, rumors had come out that the Taiwanese smartphone maker wanted to set up a music streaming service in collaboration with Beats. As a result, it is possible that HTC will eventually release such a service, with Android appearing to be the most logical platform.