Jimmy Iovine Set To Depart Apple Music In August


The acquisition of Beats is still the largest in the company's long and storied history. With this in mind, if he does indeed plan to leave, it's unlikely that Apple would be able to persuade him to stay by coming up with some new offer.

According to a Bloomberg report, Iovine, aged 64, will part ways with Apple after he receives a final payout from the Beats deal.

Citing unnamed sources, Billboard has reported that Iovine may depart his post as head of Apple's music streaming service in August 2018. In 2012, they bought struggling music streaming service MOG and expanded that into subscription-based Beats Music before selling the entire company to Cupertino, California, -based Apple. Apple's achievement is worth mentioning since the nascent service has been quick to narrow the gap with Spotify.

Since the June 2015 launch of Apple Music, the streaming service is now the second most popular after Spotify with 30m paying subscribers in total.

What is the future for Apple Music? There simply aren't many people with his knowledge, experience, and vision in the music industry, so it's hard to imagine his departure won't be a step back for the service, despite its ongoing success. Shazam's tech could be integrated into more Apple products in the future. At the time, those shares were worth approximately $485 million, based on a closing price of $89.66. Well, Beats headphone lines contribute real revenue to Apple.

He has strong ties to the music industry.

Replacing Iovine will prove very hard, however. He went on to run major music labels, including Interscope records. Iovine worked with Bruce Springsteen, John Lennon, U2, Eminem and Tupac during his career in the record business.