Beats co-founder Jimmy Iovine set to assume reduced role at Apple Music in August
The first chapter of Apple‘s foray into the digital music streaming marketplace is set to close with the impending departure of Beats co-founder Jimmy Iovine later this year. The music industry veteran is expected to leave his role at Apple Music in August and move into a “consulting role” after that according to The Wall Street Journal, largely passing off the day-to-day responsibilities of overseeing Apple’s music streaming platform. Last year reports broke that Iovine intended to leave Apple Music, though at the time the rumors were unsubstantiated and Iovine denied any planned departure.
Since the tech giant’s aquisition of Beats Electronics in 2014, steadily shifting away from the Beats Music brand has translated into a meteoric rise for the ensuing Apple Music brand that replaced it. Internally however, the total overhaul of Beats’ original platform and look over the last four years has distanced some of the platform’s top executives — including Dr. Dre. Iovine is just the next in line to hang it up, or at least take a backseat at Apple Music. The Interscope Records founder reportedly doesn’t quite fit the platform’s new model like he did half a decade ago, though the timing seems to work out quite nicely in his favor. Iovine’s compensation from the 2014 sale fully vests in August, likely making way for a mutual changing of the guard, while still allowing Apple to retain Iovine’s expertise and widespread label connections.
Earlier this year reports suggested that Apple Music could surpass Spotify’s US subscriber base by the summer. With Iovine stepping back and possibly fresh blood coming in to assume his responsibilities, look for Apple Music to continue to trend upward in 2018 as they close out Iovine’s incredibly successful run at the top.