Jimmy Iovine is leaving Apple Music in August of 2018, according to Billboard reports. The timing of his departure may correlate with Iovine’s Apple share fully vesting. This means that Iovine and Dr. Dre will start reaping the benefit for the $3 billion sale of headphone, Beats to Apple in 2014. Apple has declined to comment.
The former CEO of Interscope joined Apple in 2014 after the sale. Since re-launching Beats music as Apple Music in 2015 it has expanded to more than 30 million paying subscribers. Iovine is credited for the successes of Apple Music for his focus on content, which include developing original programming. Apple Music is currently second in music streaming behind Spotify, who currently has 70 million monthly paid subscribers.
In 2008, Iovine and Dre started the consumer electronics company Beats by Dre, selling headphones. They expanded the brand by buying struggling music streaming service MOG in 2012 and turning that into a the subscription-based Beats Music before selling to Apple. The relationship between Iovine and Dre was formed when Dre was still at Death Row records. Their time together was documented in HBO’s special, The Defiant Ones.
Iovine’s plans on what to do after Apple Music is unclear. Billboard cites an interview with Iovine back in September that his focus was bringing music streaming up to speed. He commented on Goldman Sachs claim that music streaming will bring in $41 billion to record labels by 2030. Not convinced by the prediction he told Billboard, “There’s just a problem here that needs some sort of solution, and I want to contribute to it,” he continues to say. “Goldman Sachs may think it’s solved, but I don’t. We’re not even close.”
In his 60s, Iovine has help improved Apple in a major way. Execs have yet to confirm Jimmy Iovine is leaving Apple Music, but it seems like a foregone conclusion. It is still unclear who will step up for the job that Iovine is leaving behind, even though he never took a specific title at Apple.
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