Jimmy Iovine Leaving Apple In August

Jimmy Iovine leaving Apple The head behind Apple Music Music streaming services Spotify Beats

The former Interscope CEO joined Apple in 2014 after the iPhone maker bought Beats Electronics, the audio technology firm co-founded by influential hip-hop producer Dr Dre and Iovine, for $3 billion. Apple did not comment on his sudden departure and Jimmy Iovine has been tight-lipped on the reports.

"We created Apple Music to make finding the right music easier for everyone - men and women, young and old", said Apple and Iovine in a statement. The report notes that the timing overlaps with Iovine's Apple shares being fully vesting.

Apple may soon lose one of its most prominent entertainment executives.

According to multiple reports, Iovine could bid farewell to the digital giant's Apple Music by next summer.

Jimmy Iovine leaving Apple The head behind Apple Music Music streaming services Spotify Beats
Iovine and Eminem. Image credit Southpawer

These rumors of his imminent departure come after Iovine told a group of reporters at an industry dinner that "the streaming services have a bad situation, there's no margins, [and] they're not making any money".

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.

Last month, to better its music streaming service, Apple acquired Shazam, a British software company behind a popular music tagging and recognition app. Apple has integrated the Shazam music recognition feature into Siri Voice. Spotify is a good example of this as it is run by a Swedish programmer, who initially had no exposure to the music industry, notes Recode.

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.

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