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Beats Electronics, the audio brand company co-founded by artist and producer Dr. Dre and Interscope Geffen A&M Chairman Jimmy Iovine, has confirmed that it has received a $60 million investment for its new music service, called “Daisy”. The move allows it to officially spin it out as a standalone company that it hopes will launch in late 2013.

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First time posting news, but I believe I did it right? Mainly concerned about the section. Valid competitor in the music streaming business or a potentially bad move? It took a while for services like spotify and rhapsody to pick up, and other services like grooveshark have been left by the wayside, so I'm curious to see if this works out.