Beats Music, the newly-launched music subscription service spearheaded by Jimmy Iovine, is in the midst of raising another $60 million to $100 million in funding, according to a Billboard report that notes that the company spent tens of millions on advertising, including its Super Bowl TV spot. However, a Beats Music spokesperson denied those claims, sending us the following statement via email: “Beats Music is not in any active process of raising more funding.” Billboard also reported that some in the music industry are disappointed by Beats Music’s uptake, while insiders unsurprisingly say that first numbers exceeded expectations.

Updated at 10:48am with a statement from Beats Music.

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