Streaming services are in a constant war with each other, trying to get the most funding and the most listeners. Beats Music and Spotify have become particularly competitive with each other.
Beats Music acquired TopSpin and Spotify acquired The Echo Nest. Then news surfaced that Spotify secured a line of credit worth $200 million, probably for an upcoming IPO.
Beats Music has secured some new funding of their own, with figures between $60 million and $100 million being reported. The money came from co-founders Jimmy Iovine and Dr. Dre, as well as Warner Music Group owner Access Industries.
The money will be used for product development, customer growth, and marketing.
The latest injection pushes the total funding pot past $120 million. Beats Music previously raised $60 million in March of last year from Access Industries and a few individual investors.