Billboard reports that Apple Music exec Jimmy Iovine will depart the tech giant in August, around the time his company shares have fully vested. He joined Apple in 2014.
Iovine is a record producer best known as the co-founder of Interscope Records and chairman of Interscope Geffen A&M. In 2006, Iovine teamed with Dr. Dre to found Beats Electronics (formerly known as Beats by Dr. Dre), a company which produces audio products and operated a now defunct music streaming service. The company was purchased by Apple for $3 billion in May 2014. Since the start of his career, Iovine has been involved in the production of more than 250 albums.
When asked what he planned to do after Apple Music, Iovine told Billboard in a September interview that he was focused for the time being on bringing music streaming up to speed. Disputing a Goldman Sachs report that predicted subscription steaming would propel the global record business to $41 billion by 2030, he said, “I’m 64 years old. 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. We’re not even close.”