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Beats recently announced its upcoming streaming service, Project Daisy

Apple has been talking with Beats Electronics LLC about the music company's new streaming service -- "Project Daisy" -- as the tech giant looks into a streaming service of its own.

Apple CEO Tim Cook made a trip to Los Angeles in late February to meet with Beats CEO Jimmy Iovine. Cook inquired about Project Daisy and what the streaming service would entail. Daisy was announced in January of this year, and is expected to be released in late 2013.

Cook and Eddy Cue (Apple's senior vice president of Internet Software and Services) spoke with Iovine about Project Daisy's business model and launch, specifically.

Beats CEO Jimmy Iovine [Image Source: AllThingsD]

Apple is likely interested in Beats' Project Daisy because it's been looking into making a streaming service of its own. This would be a smart move for Apple, considering it already has the devices (iPhone, iPod, iPad) and store (iTunes) available to customers. Adding a streaming service would round-out its offerings, and would likely be a competitor to Spotify and Pandora.

Beats was the right place to start for advice, too, as the company's Project Daisy is getting plenty of support. Beats recently received a $60 million investment from billionaire Len Blavatnik, which the company will use for Daisy.

“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,” Blavatnik said.

Sources: Reuters, Bloomberg





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