Apple Just Met With A Spotify Rival That Has Raised $60 Million
Mar 6, 2013, 18:43 IST
APBeats, the music company started by Dr. Dre and Jimmy Iovine, just received $60 million for its new music streaming subscription service, Daisy. Daisy has a long way to go before it catches up with industry leaders, Rdio and Spotify. But Apple might be able to lend a helping hand. Apple has lacked a music streaming service for iTunes, despite the growing popularity of Spotify, which investors say is worth multiple billions. Reuters says Beats CEO Iovene, Apple CEO Tim Cook and SVP Eddy Cue met late last month. The pair met Iovine in Los Angeles to find out more about Daisy. Cook and Cue wanted to know about the business model and roll-out plan, but no deal was inked. "[The meeting] was 'informational' and covered a broad range of music-related topics," Reuters reports. Beats is best known for its headphones and speakers. Iovine explained why the company is moving into music consumption: "Beats was always about helping people re-discover the magic in the experience of listening to music,” he told MusicWeek. “Now that we are well along the way to addressing the quality of audio playback with Beats headphones and speakers, Daisy allows us to re-introduce the same magic into the process of music discovery and consumption".