Published: Thu, January 11, 2018
Hi-Tech | By Grace Becker

Jimmy Iovine Calls Report Of Him Leaving Apple Music "Fake News"

Jimmy Iovine Calls Report Of Him Leaving Apple Music

He spoke of the success of Apple Music but acknowledged that "there's still a lot more we'd like to do. I am in the band".

The Apple "executive" notes that while is contract is technically up in August, he doesn't actually have a contract; he has a "deal".

Recent reports have suggested that Iovine would be leaving Apple in August 2018 after his contract ends. Iovine particularly takes issue with how last week's reports tied his departure to the vesting of his stocks, making it about money. Since then, his Apple stock has slowly vested in stages, with the last portion due in August. I have a deal, and certain things happen along that deal.

Jimmy Iovine says he's still "committed" to Apple.

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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.

Iovine, best known as the co-founder of Interscope Records, joined Apple in 2014 after the company bought Beats Electronics, a company that he co-founded with hip-hop artist and producer Dr Dre for US$3 billion.

Under Iovine, Apple Music has grown to 30 million paid users, putting its popularity at a little under half of Spotify's 70 million monthly paid subscribers, a milestone the Swedish-based music streaming service announced earlier today. That's why those articles annoyed me, because it had nothing to do with reality. In the interview, Iovine reveals that he is still fully committed to doing whatever Apple needs him to accomplish. This is all thanks to Iovine's leadership, which has moved the streaming music service into videos and original programming.

The industry veteran also cautioned against complacency, even as streaming is driving a music industry turnaround: "Everybody's talking about the great oil gusher, but it's not going to scale unless streaming gets more interesting".

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