Despite major success over the past five years, Beats By Dre has decided not to renew their contract with Monster Cable Products when it expires at the end of this year.

Beats held a 53 percent stake of the one billion-dollar headphone market in 2011, but they have decided to terminate their partnership with the electronics brand, according to recent reports.

Each company states that they have no animosity toward each other, but reports say they did have disagreements over financial terms, “with divergent views on which side deserves the most credit for the line’s success and Beats balking at its share of the revenue.”

Interscope Geffen A&M Chairman Jimmy Iovine says that he isn’t worried about Monster’s plan to put out eight lines of headphones to compete with Beats. “We have very big ambitions for Beats beyond headphones,” he says. “Music has got to succeed on the phone or else the record industry will never thrive.”

Props: BusinessWeek.com