Beats gets $60 million fresh backing to make music streaming service Daisy bloom
Last January, Beats Electronics – the company behind those trendy and pricey audio gears – introduced yet another music streaming service known tentatively as Daisy, which is also backed by the front man of Nine Inch Nails, Trent Reznor.
Seeing that Beats already acquired MOG, a music-subscription service that hasn’t been able to break the domination of Spotify and other bigger players, the move might seem a little bit peculiar at first. But everything is starting to make more sense.
It’s not such a bad idea to start afresh, especially now that the yet-to-be-launched service has secured a $60 million investment from some big names in the industry, including the billionaire who owns Warner Music Group.
Right now, we’re only hearing bits and pieces of information regarding Daisy, such as how it’d bring some “cultural context” to the table, but despite the lack of details, the venture doesn’t seem to have any trouble gaining some visibility. In fact, Apple CEO Tim Cook has recently talked with Jimmy Iovine of Beats on a possible partnership in the music streaming service front, something that Apple is looking to roll out to accompany iTunes, although no deal has been reached yet.
In case you’ve forgotten, HTC — which signed a cross- licensing deal with Apple in November of last year — still has some stakes in Beats. The plot thickens, eh?
Back to Daisy, Iovine said that Beats is going to spin out the new venture at the end of the year, making it an independent entity. The fate of MOG is still unknown, but it’s likely that it will be integrated into Daisy. Do you think we’ll be looking at the next big thing in digital music service?