Jimmy Iovine denies reports he will leave Apple in August

Jimmy Iovine denies reports he will leave Apple in August

Players found themselves taking a second look as music moguls Andre "Dr. Dre" Young and Jimmy Iovine walked into the facility to pay a visit, which stirred another level of excitement in the players. "I am committed to doing whatever Eddy (Cue), Tim (Cook) and Apple need me to do, to help wherever and however I can, to take this all the way".

During an interview at the Grammy Museum, the Apple Music executive said he has no plans to leave after the last of his shares from the sale of Beats Electronics to Apple will vest in August, as has been reported by multiple outlets.

An uncomfortable question for Apple: Did it get its money's worth when it paid Iovine and his partner, Dr. Dre, $3 billion for Beats four years ago - the largest acquisition in the company's history? Billboard followed up. Apple, for the record, declined to comment; I haven't heard back from Iovine. Since re-launching Beats music as Apple Music in 2015 it has expanded to more than 30 million paying subscribers.

Iovine, who was brought in to kickstart Apple's move into the subscription music business, has had a limited role within the company for some time. My contract is up in August, but the amusing thing is, I don't have a contract.

There, he shut down all the reports that he would be leaving the company and made it very clear that he is loyal to Apple and would not be departing.

"Everybody's talking about the great oil gusher, but it's not going to scale unless streaming gets more interesting". The famous producer, however, wasn't pleased about the media's focus on this aspect: "Those articles annoyed me, because it had nothing to do with reality". The streaming service now boasts more than 30 million subscribers, which in three years, is an impressive feat, especially seeing that it doesn't offer a free tier.

As for the future, Iovine says he will help "streaming come to scale".

Iovine's departure, timed to the end of an employment contract, has been widely discussed throughout the music industry for many months. As for how long he'll stay with the company, he could only say that he doesn't see himself still doing music at 75 - the exec is turning 65 in March.

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