ibusinesslines.com December 18, 2018

Jimmy Iovine Disputes Rumors He's Leaving Apple

11 January 2018, 09:35 | Jodi Jackson

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Although Iovine has been a huge success in shaping Apple Music, he did mention that he is reaching an age where he'll need to slow down.

"There's still a lot more we'd like to do".

Last week, a report emerged claiming that Apple Music's Jimmy Iovine was planning to depart the company come August. Apple Music has 30 million subscribers, while Spotify has 70 million paying subscribers, leaving plenty of room for both services to grow.

As for Iovine, he says he's not done at Apple - at least not for now. I am committed to doing whatever Eddy [Cue], Tim [Cook] and Apple need me to do, to help wherever and however I can, to take this all the way.

"I am in the band", Iovine said. It is believed his departure is timed to his Apple shares fully vesting, sources tell Billboard. "I love Apple, and I really love musicians".

Recent reports have suggested that Iovine would be leaving Apple in August 2018 after his contract ends. Since then, his Apple stock has slowly vested in stages, with the last portion due in August. That's why those articles annoyed me, because it had nothing to do with reality.

Iovine, if you recall, joined the Cupertino-based company in mid-2014 alongside music producer and rapper Dr. Dre as part of its $3 billion acquisition of Beats Electronics. "It made it out to be all about money".

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

The music mogul shot down rumors of exiting Apple Music in an exclusive report dropped by Variety.

The industry veteran also cautioned against complacency, even as streaming is driving a music industry turnaround: "Everybody's talking about the great oil gusher, but it's not going to scale unless streaming gets more interesting".

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