New reports have emerged in the past week that state Apple could be losing its music chief, Jimmy Iovine, in August. Apple used Beats Music as the backbone for Apple Music, a $10 per month streaming music service meant to rival Spotify and Tidal, the streaming app started by Jay-Z. Iovine believes exclusivity is the way forward for Apple Music. 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", said Iovine.
Recent reports have suggested that Iovine would be leaving Apple in August 2018 after his contract ends. It is believed his departure is timed to his Apple shares fully vesting, sources tell Billboard. Some have commented that leaving the company would be more of a financial reason as the last of Iovine's stock will vest in August. That's why those articles annoyed me, because it had nothing to do with reality.
The former Interscope CEO joined Apple in 2014 after selling Beats, the the music service and electronics business that he and Dr. Dre co-founded, to the tech giant for $3 billion. Iovine actually called it annoying and was upset that the media made it "all about money". Apple Music has nearly no exclusive content, and all the major streaming services are essentially the same. Iovine is nearly 65 years old.
"The record industry right now is expecting technology to fix their problems, like they always have, and I'm not sure technology is going to fix their problems this time".