Beats Electronics Music Subscription Service Gets A $60 Million Injection From WMG Owner
March 6, 2013 at 3:58 AM (PT)
A new music subscription service co-founded by JIMMY IOVINE and DR. DRE has received $60 million in funding from an investor group headed by WARNER MUSIC owner LEN BLAVATNIK. BEATS ELECTRONICS had announced plans to launch the service, named DAISY, later this year, and added NINE INCH NAILS frontman TRENT REZNOR as Chief Creative Officer.
The investment includes money from FORT WORTH, TX billionaire LEE M. BASS and Australian investor JAMES PACKER, BEATS said in a statement.
REUTERS reports "APPLE CEO TIM COOK, whose company is widely believed to be planning its own music subscription service, met in late FEBRUARY in LOS ANGELES with IOVINE to discuss 'Daisy,' according to three people with knowledge of the meeting. APPLE's Internet products chief, EDDY CUE, a key player in setting up its iTUNES MUSIC STORE, also joined the meeting, at which COOK expressed interest in DAISY's business model and its rollout plans, although the two did not discuss specifics of a deal, the sources told REUTERS."
"BEATS has the vision, the brand, the management team and now the investor group to effectively change the expectations and experience of a music subscription service," BLAVATNIK said in a statement.