Wednesday, March 12, 2014

Beats Music Raises As Much As $100M In New Funding

Santa Monica-based Beats Music, the subscription-based, music streaming service, has raised between $60M to $100M in new, equity financing, according to reports. Bloomberg, citing three people with knowledge of the deal, said that the funding is part of an effort to challenge Spotify for exclusive music rights. Beats Music has not yet announced details of the funding. The funding apparently came from Jimmy Iovine, Dr. Dre and Access Industries, as well as other existing investors.