08 Mar Early News About Warner’s Daisy Music Service
Warner Music Owner Bets on Competing Digital Services
Len Blavatnik, the Russian-born billionaire investor who bought the Warner Music Group two years ago, has placed big bets on multiple digital music services as the streaming model grows around the world.
Daisy — still only a code name, and not confirmed as the service’s eventual brand name — will compete with Spotify, Rhapsody, Rdio and others by letting users stream millions of songs by subscription.Mr. Blavatnik’s holding company, Access Industries, is one of several parties investing $60 million in Daisy, a planned service by Beats Electronics, the high-end headphone company, Beats announced late Tuesday. The others are Marc Rowan of Apollo Global Management; James Packer, of Australia; and the Texas oil heir Lee M. Bass.