Dr. Dre and Jimmy Iovine secure $60 million for Daisy.
Dr. Dre strengthens his hold on the music industry as he has just secured $60 million in investments for a music streaming project called “Daisy.”
The digital music service will offer listeners millions of tracks to stream on a paid basis.
Daisy will have strong competitors, Spotify, Pandora & Rdio.
Len Blavatnik, the billionaire owner of Warner Music Group, has led a $60m (£40m) investment in the music streaming company started by rapper Dr Dre and American Idol judge Jimmy Iovine.
Dr Dre’s company Beats, which is known for making headphones, will spend the money on a new venture, an internet music service called Daisy. Like rival Spotify – which is valued at $3bn but has yet to make a profit – Daisy will let listeners select their own playlists. Beats has already held talks with Apple’s chief executive Tim Cook and iTunes mastermind Eddy Cue about a potential partnership.
Courtesy of Juliette Garside – The Guardian