Apple's annual developer conference in San Francisco.
Beats CEO Jimmy Iovine Recently Met With Apple Executives About His Subscription Music Service
Apple Chief Executive Tim Cook met with Beats CEO Jimmy Iovine during a visit to Los Angeles in late February to find out more about Beats' "Project Daisy", a music subscription service the company announced in January but with scant detail, the sources said.Iovine pitched Steve Jobs on a subscription music service a decade ago, but Jobs felt the prices record companies were charging were too steep and would eventually come down.
Apple's Internet products chief Eddy Cue, a key player in setting up its iTunes Music Store, also joined the meeting, at which Cook expressed interest in Daisy's business model and its rollout plans, although the two did not discuss specifics of a deal, the sources said.
There have been rumors for nearly five years about Apple developing a subscription music service, though more recent reports have suggested that Apple is aiming to release its service sometime in 2013.
Bloomberg reported in October that Apple was aiming for a first quarter launch, but record labels have suggested that negotiations were hung up over licensing fees.