Jimmy Iovine Reportedly Leaving Apple Music This Year

06 January, 2018, 00:40 | Author: Cecelia Webb
  • Apple Music chief Jimmy Iovine to move out in August this year: Report

Apple didn't buy Beats because Beats was a strong business with robust financials (it was the opposite); Apple bought Beats because it had an incredibly strong brand and had foundational pieces of a music-streaming service, and the talent to go with it.

One of the chief architects of Apple's (NASDAQ:AAPL) push into streaming music appears set to leave the company this summer. Meanwhile, music-stream service market leader Spotify has 70 million paying subscribers. However, Bloomberg reports that Iovine and Cue did not always see eye-to-eye. 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.

Apple has since begun investing in original TV series more akin to what competitors like Amazon have been producing-longform shows from major Hollywood producers, albeit with a family-friendly bent.




But while these subscriptions numbers are impressive, Iovine wasn't convinced that streaming companies, in their current form, could be profitable.

Iovine is best known as the co-founder of Interscope Records, a rap music pioneer that branched out to include artists like Lady Gaga and U2.

Jimmy Iovine was characterized as a fearless maverick in last year's The Defiant Ones documentary. His reputation precedes him, so leaving Apple Music would definitely not be the end of his achievements in the music scene. The headphone brand was also complemented by Beats Music, itself an rebranded acquisition of the struggling MOG. Multiple reports confirm the news, but no official statement is available yet.

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