Neither Apple nor Iovine have commented publicly on the news. Now that the shares from that rumored $3 billion sale are set to be vested, Jimmy is rumored to be on the way out. Beats was co-founded in 2006 by Iovine and music producer / rapper Dr. Dre whose real name is Andre Romelle Young.
The impending departure of Iovine was first reported by industry blog Hits Daily Double. That number still pales in comparison to market leader Spotify, which disclosed Thursday that it now counts 70 million paying members. Cupertino's streaming service gained 30 million subscribers under Iovine, and he was responsible for the video series Planet of the Apps and Carpool Karaoke. His reputation precedes him, so leaving Apple Music would definitely not be the end of his achievements in the music scene. "Or complaining about boys, when they have their heart broken or whatever" and need music to match their moods.
As Iovine reportedly preps to leave the company, a question that is bound to float is, did Apple earn enough revenue compared to what it paid to Iovine and his partner Dr. Dre for Beats four years ago - the largest acquisition in the company's history? "I could have chosen my words better, and I apologize". Curiously enough, Iovine was never given a specific title during his time with Apple although it is largely assumed that he is in charge of Apple Music. It's unknown what the 64-year-old music mogul will do next. 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.