Beats By Dr. Dre Splits From Monster

Can Dre Revive The Music Industry?

Dr. Dre is taking his musical practice solo. Beats by Dr. Dre, the rapper's line of high-end headphones, has decided to part ways with Monster Cable once their contract ends this year.

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The good doctor (whose real name is Andre Young) and Interscope Records chairman Jimmy Iovine say they will not renew their five-year contract with Monster and will instead strike out on their own.

While both sides insist the split was amicable, Business Week reports there was contention over finances, including "divergent views on which side deserves the most credit for the line's success and Beats balking at its share of the revenue."

Beats reportedly held a 53 percent stake of the $1 billion annual headphone market in 2011.

Now Monster believes it can still be a market leader, even without The Chronic rapper.

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"We're competing with ourselves," said Noel Lee, Monster's chief executive. "We can be the Apple of the headphones space, with or without Beats."

Beats, meanwhile, has much bigger plans than just shiny headgear.

"We have very big ambitions for Beats beyond headphones," Iovine told Business Week. "Music has got to succeed on the phone or else the record industry will never thrive."