Billionaires invest in Dr Dre’s Beats music streaming service

A GROUP of investors including Len Blavatnik, the billionaire owner of Warner Music, has invested in a music subscription service founded by rapper Dr Dre’s Beats Electronics.

The new service, called Daisy, will be spun off from Beats after completing a funding round worth $60m (£40m).

Investors include Blavatnik, who has recently ploughed £487m into buying music label Parlophone from Universal, and Australian media mogul James Packer.

The investment comes as large technology companies take an increasing interest in internet streaming music services.

Google is set to launch such a product later in the year, while Apple chief executive Tim Cook met Daisy bosses to quiz them on the venture.

The emerging popularity of Swedish music service Spotify, which has more than 5m paying customers has led to widespread interest in subscription services.

Beats, which was founded four years ago, has become one of the world’s most recognised headphone brands thanks to its celebrity endorsements.