Billboard is reporting that music titan Jimmy Iovine will exit his role at Apple Music this August. When the founder of the most lucrative brands in music fires himself, predictions start running wild.
Iovine joined Apple Music in 2014, at the same time of the Beats Electronics acquisition, which Iovine was a founder. For the past two years, Iovine has been responsible for negotiating many of the streaming deals for the service which has grown to 30 million subscribers.
To say Iovine is a visionary is an understatement. He pitched an online music subscription service to Steve Jobs back in 2003! In the 70s he earned his chops as a recording engineer for John Lennon, Bruce Springsteen and Tom Petty. Then, in 1990 he co-founded Interscope, where he was personally responsible for signing Tupac Shakur, Eminem, Gwen Stefani, Lady Gaga and more.
Why It’s Hot
The timing of Iovine’s departure aligns with the vesting of stock he acquired when he first joined Apple. He could just be taking his hard earned money and riding off into the sunset. Or, at 64 years young, this titan may be investing in the next music frontier. He’s done it twice already.