Ben Evans opens this analysis of Apple's Beats deal with the statement that it is a "Rorschach Blot". I had to look the term up but it's one of those ink stains that looks like a wolf to one person and a angel flying to heaven to another.
In short, he argues convincingly that there is little value in Beats' music service so the deal must be about headphones.
It seems unlikely that Apple will have desired the Beats brand terribly - "Apple" being the brand it already is. Which means that the deal is actually about headphones; as in pieces of high-tech machinery.
The blot looks a lot like a wolf to me.
This is what the people behind Beats Music may have caught on to - the money is in headphones, not the tracks they play
http://ben-evans.com/benedictevans/2014/5/28/beats-content-is-king