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Jimmy Iovine reportedly leaving Apple in August

Jimmy Iovine reportedly leaving Apple in August

Iovine joined Apple Music in 2014, when Apple paid $3 billion for Beats Electronics and the Beats Music streaming service, both of which were co-founded by Iovine and Dr. Dre. This timing is believed to coincide with his Apple shares fully vesting, allowing Iovine to exercise his stock options.

It remains unclear at this point just what Iovine plans to do next if rumors of his departure from Apple turn out to be accurate. Iovine is unlikely to stay in the company even if he receives a new offer as his vision sometimes differs with other executives at the company including Eddy Cue, notes MacRumors. Apple's achievement is worth mentioning since the nascent service has been quick to narrow the gap with Spotify. In September 2017, Apple Music reached more than 30 million subscribers and saw 17 percent growth in the first half of 2017 compared to a year prior.

What is the future for Apple Music?

Читайте также: Amazon buys Blink wire-free connected camera startup

"A music service needs to be more than a bunch of songs and a few playlists", Iovine said in an interview early past year.

"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.

Unnamed sources disclose that Iovine is planning a departure from the streaming service in August. Though Iovine doesn't have an official title with the company, his ties to Apple go back to 2003, when he pitched a music subscription service to Steve Jobs. The success has earned Iovine the respect among technologists that he's long enjoyed as a music industry executive. Iovine worked with Bruce Springsteen, John Lennon, U2, Eminem and Tupac during his career in the record business.

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