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Noel Lee, 60, founded Monster Cables in 1979 and has built it to a multimillion-dollar international business. It has many associations with famous musicians, including the Rolling Stones and Aerosmith, who have all helped put the brand in the global arena. Monster also took over sponsorship of Candlestick – where the San Francisco 49ers play – renaming it Monster Park in a $6 million (Dh22m) four-year deal and is soon to launch a range of headphones with rap artist Dr Dre. During his visit to Dubai, Lee talked to Emirates Business about the electronics industry and the famous musicians he has come to know.
What was the appeal of cables for you?
It started out as a hobby because I was interested in sound and video. The cables that used to come in the same box as the product were inadequate for performances when hooked up to loud speakers. I was the first to discover this in 1974 and set out to produce my own, which progressed into video cables and now HD with custom installation in homes.
Is it more difficult to make a business succeed these days than it was when you started out?
It's a lot easier today because when I started there was no internet so we had to do a lot of advertising. But now there are so many bloggers that it can be easy if a company gets to the right ones as they can reach tens of millions of people that way, which wasn't possible before.
Today, there is also greater availability of money and financing, which is much easier for young companies to attract. A lot of investors are looking for the next Google, but we had to grow Monster organically unlike eBay or Amazon.
How is the consumer electronics market growing?
The market is growing every year, but profits are either staying the same or going down. Retailers use low prices to get customers through the door as it ensures longevity, but they have to make it up somewhere, which is where accessories come in. They are a vital element because a cable could be $50 but a TV could cost just $500 so the two balance each other out. We are not known for being cheap, but we believe people get what they pay for and that is what makes people come back to us.
How have your associations with your Famous Monsters helped your brand?
It isn't just a hobby for musicians and our cables help them improve their sound. The Rolling Stones and Stevie Wonder love them because of this. Stevie has been my favourite person to work with because he has an extremely sharp ear, plus he's really passionate when it comes to music. It's the same with Carlos Santana – they do music because they love it not just because they get paid. They've both played for us and we've become good friends as a result.
Has it been difficult to protect your name?
We used to sue everyone who put Monster in their brand. We were protective in the same way Sir Richard Branson is with Virgin. But now some of these other companies are helping to promote us in markets where there is no competition, so it has its benefits and it's helped more than it's hurt us.
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