Dr. Dre may soon face competition from old business partner.
Ever since his Beats line of headphones became a runaway success, recently selling to HTC for over $300 million, Dr. Dre has faced a raft of competition by competitors who want a piece of the high-end headphone pie. After rival lines were announced by artists like 50 Cent, Diddy and the RZA, Dre is now facing a challenge from one of his own co-founders.
According to Billboard.biz, Kevin Lee, son of Beats distributor Monster Audio and a former player in developing the headphones, is starting his own headphone company called SOL Republic. Lee's company will also sell high quality headphones to young consumers but at a lower price point.
"I'm very excited about the success of Beats because it's a proven concept that people will care about sound, especially young kids," he told the site. "With that proof-of-concept in place, I looked at the marketplace and said there is still a huge missing element, which is great sound at a mid price point."
SOL Republic's headphones are expected to range in price from $50 to $150.