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Apple Music's Jimmy Iovine reportedly leaving company in August

Apple Music's Jimmy Iovine reportedly leaving company in August

Further reports reveal that he will be leaving the premises of Apple presumably when he receives the payout from the tech giant's acquisition of Iovine's company, Beats Electronics that was co-founded with Dr. Dre. Iovine was one of the most influential figures contributing to the rise of Apple Music, which debuted in June 2015 and has since grown into a legitimate threat to Spotify for the domestic streaming crown, with more than 30 million paid subscribers (per Statista).

Consequently, there's no word on whether Apple will replace the mogul who never took an official title at the company.

Sources claim that lovine will leave Apple in August 2018, which is said to coincide with when his Apple shares fully vest. He reportedly met Steve Jobs and Eddy Cue back in 2003 and was a big supporter of the iTunes service and iPod early on, something that was important for Apple.

Apple Music lineup
The lineup of Beats 1 radio

Apple Music now has 30 million subscribers, a number far less than the ambitious goals Apple had laid out during its launch in 2015.However, earlier this week the industry leader Spotify announced that it has 70 million subscribers and it seems Apple has a lot of ground to cover to catch up with the Swedish company founded by programmer Daniel Ek. In 2012, they bought struggling music streaming service MOG and expanded that into subscription-based Beats Music before selling the entire company to Cupertino, California, -based Apple.

Meanwhile, during a September interview with BB, Ioving told the publication his plans after a departure from Apple Music. Lovine has also been vocal in disputing predictions of booming money to be made in music streaming, especially following a report from Goldman Sachs claiming that music streaming would be a $41 million business by 2030. Considering that it was his mission to achieve such a feat, Iovine seems to be content with the work he has done in the past few years and is now looking for other areas or places that might need his expertise. "We're not even close".

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