Famous record producer Jimmy Iovine is reportedly leaving Apple Music in August after he receives his final paycheck from the $3 billion purchase of Beats, Bloomberg reports, citing people familiar with the matter.
Iovine, the co-founder of Interscope records, created Beats with Dr. Dre. With the backing of the industry’s biggest names and a line of stylish headphones, Beats (formerly Beats by Dre) became a runaway success. In 2014, it launched Beats Music, a subscription-based streaming platform designed to rival the likes of Spotify and Pandora. Apple took notice and, in 2014, finalized its most expensive acquisition to date.
One of Apple’s first actions following the purchase was transforming Beats Music into Apple Music. Tasked to lead the operation was Iovine, who was reportedly a key player in the release of iTunes and the iPod. Since leading the service, Apple Music has jumped into second place in music streaming with 30 million monthly active users, behind only Spotify. In an attempt to diversify the platform’s offerings, Iovine ordered the video series Planet of the Apps and Carpool Karaoke, though they have yet to flirt with the success of originals from rival services.
Reports suggest there is very little chance of Iovine staying at Apple. Even if he receives a new offer, Iovine would not take it, according to Bloomberg. It’s not clear why Iovine would want to leave the company. One reason could be because his plans often clash with those of others at the company, including Eddy Cue, head of Apple’s services business. Whatever the case, Apple owes a lot of its success to Iovine and finding his replacement would be no easy task.
