Jimmy Iovine to Leave Apple Music in August

  • Jimmy Iovine to Leave Apple Music in August

Jimmy Iovine to Leave Apple Music in August

Jimmy Iovine, Apple's Music chief, is rumored to be leaving Apple.

According to Billboard, Iovine's exit will be timed with the vesting of stock he acquired when first joining Apple. Curiously enough, Iovine was never given a specific title during his time with Apple although it is largely assumed that he is in charge of Apple Music. Iovine founded Beats, best known for its high-quality headphones, in 2008 with the rapper Dr. Dre.

When Iovine joined Apple, it was reported that he would work under Cue who ran the company's Internet services division. Jimmy Iovine has helped Apple Music reach 30 million paid users, nearly half way to Spotify's 70 million monthly paid subscribers.

Under Iovine, Apple Music has vaulted into second place in streaming music, with 30 million subscribers as of September. Cue's division has moved forward with its own plans for a slate of original shows, which may not be part of Apple Music.

Iovine championed a paid-only approach, one that boosted payouts to artists while aiming to improve streaming monetization overall.

Iovine, a longtime record-label executive, is also the co-founder of Interscope Records, which became Interscope Geffen A&M after a merger in 1999. Iovine worked with Bruce Springsteen, John Lennon, U2, Eminem and Tupac during his career in the record business.