Beats Secures $60M In Funding For Upcoming Music Streaming Service

Inching towards the goal of launching its very own music streaming service, Beats Electronics has now announced that it was able to secure a funding of $60 million for the upcoming service named ‘Daisy.’ Beats is headed by Jimmy Iovine and Dr Dre and it is expected that the company may launch ‘Daisy’ later this year.

Jimmy Iovine

Although the music streaming marketplace is fairly crowded at this moment, Beats envisions a more personalized service. To this end, the company has employed some 100 people who are working on ‘curating’ music content for different types of users. These people include artists, DJs, music producers and other people intimately familiar with the music industry.

Recently, it was also reported that Jimmy Iovine met Apple’s chief, Tim Cook. Cook was apparently interested in knowing the business model of the service. There have been rumors that Apple may be planning to offer a music streaming service of its own – in that case, it would make sense if Apple tried to partner up with Beats.

Discussing the upcoming Daisy music service, Beats’ co-founder Jimmy Iovine stated, “Beats was always about helping people re-discover the magic in the experience of listening to music. Now that we are well along the way to addressing the quality of audio playback with Beats headphones and speakers, Daisy allows us to re-introduce the same magic into the process of music discovery and consumption.”

Courtesy: CNET

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