Beats co-founder Jimmy Iovine is reportedly leaving Apple Music in August according to sources in a story reported by Billboard. The move reportedly coincides with Iovine’s Apple shares fully vesting giving him the option to exercise his stock options.
Iovine first joined Apple in 2014 after he sold Beats, the music and consumer electronics company he co-founded with Dr.Dre, for $3 billion to Apple. Iovine made it well known during an interview for Complex’s Blueprint Series he doesn’t like to focus on something for too long when he explained, “I like to pivot. I was always someone like that, I get complacent and bored. I got bored of producing records. I got bored of running a record company. I wanted to move on.”
When you are a money making machine you can make moves like that, just saying.
So this move should come as no surprise if that is the case. Since Apple Music’s launch back in June of 2015, it has expanded to more 30 million paying subscribers. That is all thanks in large part to Iovine’s focus on delivering quality content and original programming. So he more than likely feels he has fulfilled his promise in doing everything he could possibly do to make Apple Music successful.
Apple has yet to confirm the news or if they will replace him and Iovine has yet to speak on what’s next for the mogul but we are sure it’s something else that’s going to continue to fill his already large bank account. 2018 is already poised to be an interesting year for the music streaming business. News of Spotify being sued for $1.6 billion dropped earlier this week with them reporting hitting the 70 million subscriber mark.
We are looking forward to seeing what life after Apple Music looks like for Jimmy.
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