A meeting that took place in late February, where Apple’s Tim Cook and Beats Audio CEO and hip-hop mogul Jimmy Iovine discussed a music service dubbed ‘Project Daisy, is finally bearing fruit. Lovine, who besides co-owning Beats is chairman of music label Interscope-Geffen-A&M, has a long history with Apple and was one of the first industry executives to ink a deal over what would become iTunes.
Apple has been rumored to be working on building a streaming music service that will compete with the likes of existing offerings from Rhapsody, MOG and Rdio.
Reports even claim an Apple-branded solution will launch by the end of 2013. But this has not been confirmed yet. The meeting between Cook and Iovine was set up in January, immediately after Beats announced Daisy without explaining the upcoming project’s business model or how it plans to differentiate itself from existing services such as Spotify and Pandora.
Beats Audio is a partner of HTC Corp., a major Apple rival. Therefore, it is unclear whether Beats can work with the Cupertino, California, over a major new business project that is supposed to become a significant revenue stream.
No official comments are out yet regarding this. If the reports bear fruit, it will be a real treat for music lovers.