Jimmy Iovine Leaving Apple In August

Jimmy Iovine at a Los Angeles Lakers game in October 2017.    
   Allen Berezovsky  Getty Images

Jimmy Iovine, leader of Apple Inc.'s music-streaming service, is planning to part ways with the company in August after receiving a final payout from the $3 billion Beats Electronics deal, according to a person familiar with the matter. Multiple reports confirm the news, but no official statement is available yet. However, his involvement in the company is apparently about to end this year.

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The impending departure of Iovine was first reported by industry blog Hits Daily Double. Last year, there were reports that Iovine would head the company's move into video, but he hasn't had a big role in Apple's original TV shows push, which is supervised by former Sony executives Jamie Erlicht and Zack Van Amburg, who also report to Cue, notes Recode. It has more than 30 million subscribers. Apple didn't buy Beats because Beats was a strong business with robust financials (it was the opposite); Apple bought Beats because it had an incredibly strong brand and had foundational pieces of a music-streaming service, and the talent to go with it. There was never one record company. However, no information is available yet in this regard. However, Bloomberg reports that Iovine and Cue did not always see eye-to-eye. Neither Apple nor Iovine have confirmed the news, so it's all still in the rumor state for now. The success has earned Iovine the respect among technologists that he's long enjoyed as a music industry executive. He worked with top artists such as John Lennon, Bruce Springsteen, U2, and more. His label hosted such stars as Dr. Dre, Eminem, the Black Eyed Peas and Lady Gaga. He said the impetus for Apple Music came when he thought of "girls... sitting around talking about boys".

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