The creator of Beats By Dre headphones has secured a $60 million investment led by Access Industries, the owner of Warner Music Group, for its new Spotify rival dubbed 'Daisy'.
The money from Access founder Len Blavatnik - as well as Marc Rowan, James Packer and entities affiliated with Lee M. Bass - has allowed Daisy to become a stand-alone company.
The platform - which Beats promises will 'solve the current digital music problem by bringing the emotion and cultural context back to music discovery for music lovers and provide a platform for artists to build a sustainable business' - is set for launch in late 2013.
"Beats was always about helping people re-discover the magic in the experience of listening to music,” said Iovine. “ 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".
Earlier this year Beats announced former Topspin head Ian Rogers will be Chief Executive Officer of "Daisy" and Nine Inch Nails frontman Trent Reznor will serve as the music service’s Chief Creative Officer. In 2012 the company also purchased digital music service MOG, which will provide the foundation platform for "Daisy".
“Beats has the vision, the brand, the management team and now the investor group to effectively change the expectations and experiences of a music subscription service," said Len Blavatnik. “I’m looking forward to taking on this exciting challenge together.”
It isn't the first time Blavatnik and Access have invested in a streaming service - in October last year, Deezer confirmed a $130m invesment from the company.
Access is the owner of Warner Music Group around the world.