Sources say that record producer Jimmy Iovine is set to leave Apple Music in August, with the timing of his departure likely due to his shares fully vesting.
Billboard reported that while Iovine joined Apple in 2014, the former Interscope CEO’s ties to the company go back to 2003, when he was a major supporter of iTunes and the iPod.
Iovine went on to co-found Beats with Dr. Dre, launching Beats by Dre headphones in 2008. The duo then bought music streaming service MOG and expanded it into the subscription-based Beats Music. Apple bought the company for $3 billion in 2014, and Iovine joined Apple Music soon after.
Apple’s subscription streaming service has expanded to more than 30 million paying subscribers since launching in June 2015. While Iovine never had a specific title, he helped build the service by focusing on content, including original programming.
While Goldman Sachs reported that subscription steaming would bring the global record business to $41 billion by 2030, Iovine isn't convinced. In fact, he spoke about it when asked in September what he would do after Apple Music.
“I’m 64 years old. I have no idea [what I’m doing next]. There’s just a problem here that needs some sort of solution, and I want to contribute to it. Goldman Sachs may think it’s solved, but I don’t. We’re not even close.”