Beats By Dre's Spotify rival 'Daisy' has secured an enormous amount of money from Access Industries, which owns Warner Music Group.

The $60 million investment will allow Daist to become a 'stand-alone company', according to Music Week.

"Beats was always about helping people re-discover the magic in the experience of listening to music," said Jimmy Iovine. "Now that we are well along the way to addressing the quality of audio playback with Beats headphones and speakers, Daisy allows us to re-introduce the same magic into the process of music discovery and consumption."

Can it compete with Spotify? I guess we'll find out soon enough.