Beats Music Adds Up To $100 Million In Additional Funding
Beats Music has raised an additional $60 – $100 million in funding, according to several sources. The money comes primarily from current investors including Warner Music Group owner Len Blavatnik's Access Industries, Jimmy Iovine and Dr. Dre. Bloomberg News, who broke the story, pegged the funding at $100 million. Other sources tell Billboard it's closer to $60 million.
A Beats spokesperson declined to comment.
A year ago that Blavatnik's Access provided $60 million in funding to the then unlaunched music streamer. Beats is expected to use the new funds to continue an expensive mainstream marketing campaign.
Last week Beats acquired artist marketing platform Topspin Media for an undisclosed sum.