Beats co-founder Jimmy Iovine is leaving Apple, reports say
Famed music mogul and Beats Electronics co-founder Jimmy Iovine plans to leave Apple this August, according to multiple reports. Bloomberg, Billboard, and Hits Daily Double all cite sources close to Iovine, who say he is unlikely to change his mind. Some or all of those sources believe that Iovine's departure is timed with the concluding payout to Iovine related to Apple's acquisition of Beats in 2014.
Iovine joined Apple with that acquisition and has acted as a creative and business lead for the Apple Music streaming service in partnership of Eddie Cue, who heads up Apple's Internet software and services division. Iovine has reportedly been a key figure behind initiatives like exclusive content on Apple Music, like special albums or video series like Carpool Karaoke. However, Bloomberg reports that Iovine and Cue did not always see eye to eye.
While Apple Music—born out of Iovine and Dr. Dre's own Beats Music streaming service—has been successful, it has not become the market leader. It has 30 million paying subscribers, but Spotify has 70 million. Experiments like Carpool Karaoke have not made a significant impact on the market, though Iovine's efforts to push curated music and other perks are laudable to music obsessives.