Jimmy Iovine responds to reports of planned departure from Apple

  • Jimmy Iovine responds to reports of planned departure from Apple

Jimmy Iovine responds to reports of planned departure from Apple

The music mogul was on stage at the Grammy Museum for a screening to promote the Grammy-nominated HBO documentary "The Defiant Ones", and during the following Q&A he shot down the reports that claimed that the end of his contract would coincide with his departure from the company (we first saw the news via Variety).

Iovine does not have a title at Apple Music but has been seen as an influential presence, using his deep connections in the music industry to build the service's catalogs.

On Tuesday, Apple partners Dr. Dre & Jimmy Iovine were spotted hanging out together at the practice of the Golden State Warriors when ESPN reporter Chris Haynes chose to ask Dre if Detox was ever going to come out, to which Dre responded that he's working on new music at the moment.

There, he shut down all the reports that he would be leaving the company and made it very clear that he is loyal to Apple and would not be departing.

Iovine, who was brought in to kickstart Apple's move into the subscription music business, has had a limited role within the company for some time. In the interview, Iovine reveals that he is still fully committed to doing whatever Apple needs him to accomplish. But, Iovine added, there's still a lot more they'd like to do [with Apple Music]. 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 Music has 30 million subscribers, while Spotify has 70 million paying subscribers, leaving plenty of room for both services to grow. "I am in the band", said Iovine. The famous producer, however, wasn't pleased about the media's focus on this aspect: "Those articles annoyed me, because it had nothing to do with reality. It made it out to be all about money", Iovine said, according to Variety. He noted that "right now, I'm committed to getting streaming right".

As for the future, Iovine says he will help "streaming come to scale".

Last month, Apple purchased the Shazam music app for a reported $400 million, and analysts are speculating that it may now have a Netflix purchase in its sights.

Since joining Apple four years ago, Iovine has helped turn Apple Music into a massive empire.