MUMBAI: Aiming to supplement its iTunes music store with a new service, Apple is reportedly in talks for a potential partnership with Beats Electronics, the audio technology firm to discuss the music service project code-named ‘Daisy’.

As per reports Apple chief executive Tim Cook met Beats CEO Jimmy Lovine in late February to find out more about Beats' ‘Project Daisy’, a music subscription service the company announced in January. Beats Electronics is co-founded by hip-hop producer Dr Dre and music mogul Lovine.

Apple's Internet products chief Eddy Cue, who was a key player in setting up the iTunes Music Store also joined the meeting, at which Cook expressed interest in Daisy's business model and its rollout plans although no other specific details were discussed. Reports suggest that the two companies might collaborate to launch the music streaming service, signaling a Q1 2013 launch.

Apple was reportedly in talks last September with record companies to license music for a custom music service that would create ‘virtual’ music stations based on a song or artiste of choice.

This would put the company in competition with Spotify, iHeartRadio and Pandora, which use an algorithm to create custom radio stations based on a single song or artiste and offer paid subscriptions as well as a free, ad-supported version along with a suite of popular mobile apps.

Other players reportedly looking at expanding into music-streaming through fee-based or paid subscription include Google Inc and Amazon.com Inc.