Beats Music Raises Another $60 Million (at Least)…

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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.

6 Responses

  1. TuneHunter

    Mr. Bezos will soon throw to streaming psycho-pot double or triple that amount and there will be mucho noise. Watch out Spoofy!
    He has almost concluded the negotiation for for $.000000007 access.

    • visitor

      it’s funny, the largest investment in all of these companies is by the artists who will get no return on investment and only micro-decimal royalties… we’ve jumped the shark as record labels and silicon valley are now working together to destroy the living of artists. the snake is eating it’s own tail.

      but then again… once upon a time everyone thought that was the future of the record business (highest IPO in history and where is it now), and not that long ago any conversation without the mention of MYSPACE would have been unthinkable.

      in the end this all looks like wall street and silicon valley duping labels and investors in a new dot bomb bubble….

      the smart money says no…

      • TuneHunter

        Absolutely perfect conclusion: ARTIST ARE THE BIGEST INVESTORS!
        ….but they are represented by Francis Keeling and Universal, Sony dogs following Universal with tails on the ground and Russian oligarch making own shadow moves of UNIVERSAL -The French CIRCUS operated by Brits.

  2. Willis

    I hope they upgraded the plumbing as the newly gained investment gets flushed away.

  3. FarePlay

    “Technology with Humanity”. Good thing they got some more money. Maybe, now they can hire a copywriter. Actually, music in general is rife with poor marketing and advertising.