Aftermath Records CEO Dr. Dre and longtime business partner Jimmy Iovine‘s Beats By Dre empire is on the verge of taking the music streaming business by storm with plans to launch its Beats Music service in the coming weeks.
According to reports, popular streaming services like Spotify and iTunes Radio will have to make way for new competition this January.
Dr Dre is to launch a new music streaming service, Beats Music, following the extraordinary success of his Beats By Dre headphone line. Dre first announced the service late last year under the name Daisy, and originally built it out of the streaming service MOG, but will launch it with the Beats Music brand in January 2014. He previously appointed Nine Inch Nails bandleader Trent Reznor as chief creative officer on the project, who in an interview last year talked up the “intelligent curation” that would be a feature of the site – moving away from the algorithmically-derived recommendations of Spotify, and towards artist-curated playlists and suggestions. “It’s like having your own guy when you go into the record store, who knows what you like but can also point you down some paths you wouldn’t necessarily have encountered,” said Reznor. (The Guardian)
In an effort to spark anticipation, potential users can begin registering now.
In a blog post, the CEO of Beats Music, Ian Rogers, announced that as of today users can register their preferred username with the service, and that “we’re providing a few artists and other influencers access to familiarize them with the service and get their early feedback.” Beats Music joins a crowded marketplace with Spotify still leading the pack and close competitor Deezer planning a US launch in 2014. YouTube is also planning a premium streaming service – essentially Spotify blended with music video. (The Guardian)
The new launch will put Beats Music up against stiff competition courtesy of various streaming services.
As Beats has gradually pushed back its streaming service’s launch, other rivals have made their way into the space. iTunes Radio from Apple, which at one point was reportedly in talks with Beats, rolled out in September. Google Play Music All Access arrived in May. Google’s own YouTube could soon follow with a paid subscription service of its own. (SPIN)
Back in September, Beats By Dre reportedly found a $500 million investor.
Jimmy Iovine and Dr. Dre have found the deep-pocketed investor they were seeking for Beats Electronics. Carlyle Group, a DC-based private-equity firm, is investing $500 million for a minority stake in the company, The Wall Street Journal reports, The new investment values beats at more than $1 billion, significantly north of the roughly $600 million valuation put on the company by an investment from HTC two years ago. Carlyle will become a shareholder and is expected to take two of the six seats on Beats’ board. (HITS Daily Double)
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