@DrDre & Jimmy Iovine have officially launched a new streaming music service titled Daisy and backed by $60 million in funding. The pair’s company Beats Electronics secured the investment from Access Industries and a group of private investors, who will launch Daisy sometime in late 2013.
Daisy is being launched off of the streaming service MOG, which Beats Electronics in 2012 for an undisclosed sum.
“Beats was always about helping people re-discover the magic in the experience of listening to music,” Jimmy Iovine said. “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.”
In addition to being well capitalized, Daisy will benefit from the investment group’s years of experience in music and subscription-based services. 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.