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Beats Music raises new finance

By | Published on Wednesday 12 March 2014

Beats Music

With the competition to become the world’s market-leading loss-making streaming music service continuing to hot up, Beats Music has raised another round of funding, according to Bloomberg.

Specifics about the latest round of financing aren’t known, but it is thought to provide the standalone Beats streaming business – which last week also acquired the Topspin direct to fan platform – with a further $60 million to $100 million, possibly to fuel global expansion of the late-to-the-party music service, which went live in the US earlier this year.

It is thought the latest funding comes from existing Beats Music backers, which, according to the LA Times, include private equity billionaire Marc Rowan, casino owner James Packer, one of the companies of businessman Lee M Bass and Warner Music owner Access Industries.