One of the most prominent men in the music industry, Jimmy Iovine, is allegedly leaving Apple Music in August of this year.
Though unconfirmed, the speculation is that Iovine intends to part ways with the tech giant at that date because that is when his Apple shares will be fully vested. Iovine has been involved with Apple Music since 2014, after selling Beats Electronics (which he co-founded with Dr. Dre in 2006) to Apple for $3 billion. Under his reign as head of Apple music’s streaming service, the subscriber base count grew to thirty million. Previously, the famed entrepreneur founded Interscope Records in 1990.
In an interview with Billboard, Iovine touched on the future of streaming, as well as his future plans. He alluded to a prediction made by Goldman Sachs when the investment management firm estimated that streaming will increase the recording business to $41 billion by 2030. When asked about what he intends on doing after leaving Apple, Iovine answered,
“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.”