MUMBAI: According to reports, the newly launched streaming service Beats Music has raised USD 60 million in a second round of funding.
Beats Music, based in Santa Monica, California, raised $60 million to $100 million in equity financing, said the people, who requested anonymity because the round wasn’t public. Len Blavatnik, Marc Rowan, James Packer and entities affiliated with Lee M. Bass first provided $60 million a year ago.
The company is raising money as Beats Music seeks to challenge market leader Spotify Ltd. for exclusive music rights and to build new features. Beats Music began service in January with plans marketed through AT&T Inc. (T) and TV commercials that included a Super Bowl spot with Ellen DeGeneres. Its first round of funding last year also raised $60 million, led by Access Industries, the owner of Warner Music Group. Beats Music offers a $15 a month family plan exclusively to AT&T Inc. customers that comes with a 90-day free trial. Individual plans are also available for $9.99 a month.
Last week, Beats fully acquired music marketing and monetisation company Topspin Media. Founded in 2007 by Shamal Ranasinghe and ProTools co-creator Peter Gotcher, Topspin Media allows more than 55,000 musicians, comedians, labels, managers and filmmakers to sell music, video, merch and ticket bundles.