Investors Sink $60 Million In Dr. Dre's New Music Streaming Service
Hip-hop mogul Dr. Dre's forthcoming music streaming service with rocker Trent Reznor has been given a massive financial injection after receiving $60 million in investments.
The unlikely duo is working together to create the new digital platform, tentatively called Daisy, which will offer users track suggestions based on listeners' recommendations instead of computerized choices.
The service, which is being developed by Dre's Beats Electronics firm, is expected to be launched later this year and it's already attracted huge interest from billionaires including Warner Music Group owner Len Blavatnik, Texan oil magnate Lee M. Bass and Australian business mogul James Packer.
According to a Beats spokesperson, each investor brings "significant expertise in (the) music and subscription business."