Beats raises $60M to spin off music streaming service
Beats Electronics, the company founded by hip-hop producer Dr Dre and music mogul Jimmy Iovine, confirmed this evening it had raised $60 million in funding to spin off its forthcoming streaming music service into a separate entity later this year.
Codenamed "Daisy," the service was revealed in January by Iovine at the AllThingsD Dive Into Media conference. Iovine said he had 100 people working on a "curated" music subscription service he expected to launch this summer.
The funding round was led by Access Industries, an investment group founded by billionaire Len Blavatnik), Marc Rowan, James Packer … Read more