I don't really get planet from your mark.
Also the feel of the whole thing is to my mind a bit odd for an urban music vibe.

Having said that i quite like the type in the second version - digital feel but with character.

Will

I'm seeing "Vintage Hat Shop", or a slightly odd arrangement of a bikini top & bottom!

I prefer the second version type, but you might need to rethink the red & white. I'm presuming the name is B Love, and I think that works better with the b in red, however it gets a bit lost from a distance. Also, if others designers are going to be using the logo, for example on a poster with a few different artist's logos, they aren't necessarily going to be able to use two colours it so it will end up as blove.

I too think the mark is way off. I'm seeing "White chocolate dipped strawberry is a great gift idea for the Valentine Day". Between two type options second is certainly a better fit for what you described.

Cpix, can you tell us a bit more about the heart planet idea? Is the top of it supposed to be a B? As in BLove? Is there any reason that it is the shape it is (pointy on the bottom, asymetrical etc)?

http://www.techshout.com/images/beats-by-dr-dre-headphone.jpg

be careful about putting too much emphasis on that B in the second version, even though it does seem to fit the idea better.

Sorry, but my first thought was condoms. Make of that what you will. :-\
I'm getting a three-dimensional «pulling an additional layer over [or off] a heart» idea (so really, much like Alex's white-chocolate-dipped strawberry! :-). If you're shooting for rings (as in Saturn) you might have to make them more distinct.

Regarding the type: Have you tried putting at least the "B" in caps? It might nicely echo the top of the heart.
BTW, are you limited to free fonts in this?

> http://www.techshout.com/images/beats-by-dr-dre-headphone.jpg

Also - http://www.logodesignlove.com/similar-original-logos - scroll half way down the article