The online music streaming service market is going to get even more crowded as Beats continues to push forward with plans to launch their own streaming service known as Daisy. We've reported rumors about Beats possibly working with Apple in regards to the latter starting a streaming service, though this looks less likely with the news of Beats securing a $60 million investment.
The $60 million investment comes from Access Industries, Marc Rowan, James Packer, and some others. The investment will be used to help launch Daisy, which is currently backed by Beats Electronics LLC. Co-founder Jimmy Iovine:
Beats was always about helping people re-discover the magic in the experience of listening to music. Now that we are well along the way to addressing the quality of audio playback with Beats headphones and speakers, Daisy allows us to re-introduce the same magic into the process of music discovery and consumption.
This, coupled with rumors of YouTube possibly launching their own streaming service, could lead to increased competition in the marketplace. Increased competition should provide consumers with lower prices and better features.