Music mogul Jimmy Iovine's days at Apple might be numbered. New reports claim the former head of Interscope Records is halfway out the door.
According to multiple reports, Iovine could bid farewell to the digital giant's Apple Music by next summer.
The former Interscope CEO joined Apple in 2014 after selling Beats, the the music service and electronics business that he and Dr. Dre co-founded, to the tech giant for $3 billion. It is believed his departure is timed to his Apple shares fully vesting, sources tell Billboard. Apple declined to comment. Hits Daily Double first reported the news. (Billboard)
Since joining Apple four years ago, Iovine has helped turn Apple Music into a massive empire.
Under Iovine, Apple Music has grown to 30 million paid users, putting its popularity at a little under half of Spotify's 70 million monthly paid subscribers, a milestone the Swedish-based music streaming service announced earlier today. Still, that Apple was able to build its streaming service to that size in such a short period of time, effectively keeping pace with Spotify's growth, is nonetheless impressive. The success has earned Iovine the respect among technologists that he's long enjoyed as a music industry executive. (The Verge)
A couple years ago, Jimmy Iovine talked about never having a chance at snagging rap star Kanye West with his longtime pal JAY-Z launching competitive service TIDAL.
"He was part of Jay's thing and chose to make a deal with his friend, and I respect that. I kind of felt like it was going to happen before it did. Jay Z and Kanye - that's a very natural thing for them to work together. Everybody moves on. You try to do the best with what you've got and ignore everything else. That's why horses get blinders in horse racing: You look at the horse next to you, and you lose a step." (New York Times)
The Apple Music executive also shot down the idea of Apple Music feuding with its streaming competition.
"Not even one speck of it. I see Jay all the time. I want him to do great. There was never one record company. When I produced records, I used to ask Quincy [Jones] to come in and help me. We are competitors, yes. But as far as anything more, absolutely not." (New York Times)
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