Beats Electronics' streaming service Daisy receives $60 million in funding, will spin-off as standalone company

The curated music service from Dr. Dre, Trent Reznor, et al is now due in late 2013.

According to TechCrunch, Beats has received $60 million in funding from a coalition that includes Warner Music Group-parent company Access Industries. The round of funding will be used to spin out Daisy as a separate firm.

Additionally, Reuters reports that Apple CEO Tim Cook and Beats CEO Jimmy Iovine had an “informational” meeting about Daisy late last month. The report holds that Apple’s Internet products chief Eddy Cue expressed interest in Daisy’s business model and its rollout plans, but Cook and Iovine did not discuss specifics of a deal.

Unlike its competitors, Daisy (as it is still referred to in Beats materials) will revolve around bespoke playlists created by around 100 artists, trendsetters and “real pros.” Algorithms will then be used to produce personalised playlists, which will be organised with particular occasions or genres in mind. The service is expected to launch at a price of around $10 per month.



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