[ibimage==30685==Large==none==self==ibimage_align-center]Beats Music, the live streaming music product founded by musician Dr. Dre and Interscope Records founder Jimmy Iovine, has scored a second round of funding which ranges from $60 million to $100 million, said a source familiar to the deal, according to Bloomberg. Bloomberg first reported that three people with knowledge of the deal requested anonymity because the round wasn’t public.
The added funds will help the Santa Monica-based company compete with other music streaming services like Spotify, Pandora and Rdio. To further add to their competitive edge, last week Beats Music announced it would acquire Santa Monica-based Topspin Media, a software company that helps musicians sell their music and merchandise. Dr. Dre and Iovine have also founded headphone product Beats Electronics.
With these assets on its side and an epic launch right before running a spot featuring Ellen DeGeneres during Super Bowl XLVIII, Beats is poised to make waves this year.
Beats aspires to be the source for music curated by people (not algorithms) who believe music is emotion and life. It has a slick interface and is programmed by a team of music experts - led by composer and producer Trent Reznor - who come from radio and music journalism backgrounds and have a combined 300 years of experience across all music genres.
Individual plans for the service is $9.99 a month on up to three devices and an option for AT&T Inc. customers to subscribe for $14.99 a month for a family plan. Unlike with Spotify, Beats Music doesn’t offer a free, advertiser-supported version.
"It's an interesting entrant in the crowded space," said Mashable, "but not sure it's worth a $120 investment each year."
According to the Los Angeles Times, the new funding comes from people who’ve already put stake in the company, like Access Industries, which led a $60 million round to the company back when it was known as “Daisy" in 2013.
Since the Daisy "project" (which was interestingly enough led by Topspin's former CEO Ian Rogers) first launched, the vision for the music streaming service has become more and more clear.
"What's missing from the digital music landscape is a cultural context," Iovine said in the 2013 Daisy press release. "We need to bring an emotional connection back to the act of music discovery."
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