Wednesday 6th March 2013 by Grace Carroll | Photos by WENN

Tags: Dr Dre

Beat Electronics LLC, the makers of Beats By Dre headphones, have received an investment that they will use to launch a music streaming service.

The company was given a $60 million investment from billionaire Len Blavatnik, and is going to use the money to start the 'Daisy' music streaming service later this year and spin the service out as an independent company.

Blavatnik said in a statement, "Beats has the vision, the brand, the management team and now the investor group to effectively change the expectations and experiences of a music subscription service.

"I’m looking forward to taking on this exciting challenge together."

Beats, which is founded by Dr Dre and music producer Jimmy Iovine, are planning for the subscription service to be a competitor to services such as Spotify and Rdio. As well as Topspin Media Inc founder Ian Rogers, Nine Inch Nails' Trent Reznor will also be helping to design 'Daisy'.

Iovine said at the time, "What’s missing from the digital music landscape is a cultural context. We need to bring an emotional connection back to the act of music discovery. With Trent Reznor and now Ian, we have the right team in place to do it."

Trent Reznor is working with Ian Rogers to design the 'Daisy' service

As well as Beats, Google and Apple are reportedly both currently planning to launch their own music streaming service. According to Reuters, Apple has discussed a potential partnership with Beats.

Spotify currently boasts 5 million paying subscribers and 20 million users of its service in 17 countries.

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