Jimmy Iovine Dismisses Rumors Suggesting He Plans to Leave Apple

[MacRumors]

Last week, rumors from several sources suggested Apple Music executive Jimmy Iovine was planning to leave Apple in August following the final vesting of his stock, but Iovine yesterday told Variety that he isn't going to leave the company.

Iovine made the comments at the Grammy Museum during a Q&A session held to promote "The Defiant Ones," a documentary about his career and friendship with Dr. Dre. According to Iovine, he is committed to helping iTunes chief Eddy Cue and Apple CEO Tim Cook continue to grow Apple Music and take it "all the way."

"I am almost 65, have been with Apple for four years and in 2 1/2 years the [Apple Music] service has gotten to well over 30 million subscribers and Beats has continued its successful run. But there's still a lot more we'd like to do. 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. I am in the band."

While Iovine did confirm that the final portion of the stock he was granted when Apple acquired Beats will vest in August, he says the bulk of his stock "vested a long time ago." A tiny portion remains unvested, but it's "not what [he] thinks about."

"The bottom line is I'm loyal to the guys at Apple. I love Apple, and I really love musicians. That's why those articles annoyed me, because it had nothing to do with reality. It made it out to be all about money."

Iovine plans to continue to help the streaming music industry advance, and while he says he'll "eventually" need to slow down, that's not happening soon. His goal is to get streaming music right.

According to Iovine the streaming music industry needs to become "more interesting" to be successful, following in the footsteps of companies like Netflix with original content. Apple has been focusing heavily on original content with exclusive music-related documentaries and television shows like "Planet of the Apps" and "Carpool Karaoke: The Series," which have debuted on Apple Music, and it is delving into serious original content programming with several new TV shows on order.

Iovine first joined the Apple Music team in 2014 when Apple acquired Beats Electronics and the Beats Music streaming service, both of which were co-founded by Iovine and Dr. Dre. Iovine has a much longer history with the company, though, first pitching a subscription music service to Steve Jobs in 2003.

Though Iovine has no official title at Apple, he has been heavily involved in Apple Music since its 2015 launch and has negotiated many of the streaming deals for the service alongside Eddy Cue, Dr. Dre, Robert Kondrk, Trent Reznor, and other Apple Music execs.

Under Iovine's leadership, Apple Music has seen strong growth, with the service now boasting more than 30 million subscribers.

Article Link: Jimmy Iovine Dismisses Rumors Suggesting He Plans to Leave Apple

 

[farewelwilliams]

he wont leave until iTunes is dismantled.

 

[wesk702]

atta boy!

 

[DakotaGuy]

He should leave.

 

[Schwyz]

Man, this guy's name is always linked with bad news -- with one exception: the rumor he was leaving Apple.

 

[TComm]

It is fine with me. Tim is the one that really has to go.

 

[ryanwarsaw]

A lot of people that don’t understand who he is or what he does are eating their words after the last thread.

 

[DotCom2]

SHUCKS! I was hoping the rumors were true.

 

[thadoggfather]

It would be weird for him to leave

Beats is wildly successful

 

[CrazyForApple]

I wonder if this guy actually does anything.

 

[sblemmy]

It is fine with me. Tim is the one that really has to go.

Why? TC has done a solid job as CEO. Apple's revenue stream is more stable under his leadership, and he's also diversified Apple's income portfolio (e.g., revenue from services continues to grow).

 

[tridley68]

He probably found out nobody else really wants you when your 65 besides he's going to milk the Apple gravy train.

 

[Mrjynx]

He may not fit the "apple fanboy" image, but hes been in the music industry for a very long time and has a very large area of influence. He may not be able to speak well in public but dont discredit his successes because of that.

Nothing is what it actually seems with Apple, they carefully craft their image and hide their inner politics and issues very well.

 

[swingerofbirch]

I don't view him negatively like others because I have no idea what he does. He's certainly not a great public communicator, but no one at Apple is these days, save maybe Craig Federighi.

It's not like they were on a great, coherent path software-wise before he came onboard. If they had bought Tidal or any other streaming company they probably would have made a Frankenstein out of it as well by trying to combine it with iTunes, like they did Beats. And I don't think this guy does software. I think he's a deal maker and producer, so I'm not sure what he does at Apple.

Whoever made the original 2003 iTunes Music Store was GREAT at layout and user interface. That's who they need. I mean if they had that original store with the combo of "Everything in this store is now free" with a 9.99 subscription, it would have been a great combination. But even before Apple Music came along they had messed up the UI of the store and iTunes, IMO. Then they added another product on top of it. (All my comments refer to MacOS because while I have an iPhone I am now a luddite of the current era and use my Mac for mostly everything, including music.)

 

[Naraxus]

Too bad. It's also too bad Apple doesn't recognize (more likely doesn't care) about the issues Apple Music has. Spotify & Pandora it shall remain for me.

 

[Amadeo]

He may not fit the "apple fanboy" image, but hes been in the music industry for a very long time and has a very large area of influence. He may not be able to speak well in public but dont discredit his successes because of that.

Yeah, I don't understand what everyone's problem is with him. No, he doesn't fit the typical tech nerd mold of Apple's executive team. But frankly, neither does Angela. These are new executives meant to help push the company in new and sometimes uncomfortable places. That's how you grow.

Jimmy, specifically, is exactly what you said, a music mogul. Yes, money and tech notoriety certainly help in negotiations. But having worked for someone who was/is another music mogul, and friends with Iovine, it is VERY much still an industry about relationships. All the these decision makers have more money than they know what to do with. So, sitting across the negotiation table from an old friend, who you remember from back in the days when you were both hustling to "make it," still matters a lot in this industry.

I don't think people are realizing that.

 

[TechZeke]

Yeah, I don't understand what everyone's problem is with him. No, he doesn't fit the typical tech nerd mold of Apple's executive team. But frankly, neither does Angela. These are new executives meant to help push the company in new and sometimes uncomfortable places. That's how you grow.

Jimmy, specifically, is exactly what you said, a music mogul. Yes, money and tech notoriety certainly help in negotiations. But having worked for someone who was/is another music mogul, and friends with Iovine, it is VERY much still an industry about relationships. All the these decision makers have more money than they know what to do with. So, sitting across the negotiation table from an old friend, who you remember from back in the days when you were both hustling to "make it," still matters a lot in this industry.

I don't think people are realizing that.

To me, it would seem pretty ridiculous to want him to leave when I've never met or worked with the guy.

I think Apple knows a lot better than the armchair CEOs here on Macrumors about his value to the company.

 

[dogslobber]

Jimmy is a good disciple of Eddy Cue. He must be doing well reporting to Eddy.

 

[Bawstun]

Overpaid loser. Apple Music will never be taken “all the way” because it has no free tier and Spotify’s algorithms and offerings are better, tenfold.

 

[Mrjynx]

Yeah, I don't understand what everyone's problem is with him. No, he doesn't fit the typical tech nerd mold of Apple's executive team. But frankly, neither does Angela. These are new executives meant to help push the company in new and sometimes uncomfortable places. That's how you grow.

Jimmy, specifically, is exactly what you said, a music mogul. Yes, money and tech notoriety certainly help in negotiations. But having worked for someone who was/is another music mogul, and friends with Iovine, it is VERY much still an industry about relationships. All the these decision makers have more money than they know what to do with. So, sitting across the negotiation table from an old friend, who you remember from back in the days when you were both hustling to "make it," still matters a lot in this industry.

I don't think people are realizing that.

Apple didn’t buy beats for the headphones, the headphone from a tech side were ok at best. They bought the brand and Jimmy. Rezor and Dre followed and they both bring their own set of skills and influence to the company.

iPhone is a massive business and accounts for a huge portion of their profit. However the services that are tied the Iphone now has become even more lucrative, it’s a double dip in my eyes.

Apple Music is a long term play for them and it will live and die by deals, artists, and the charge back model to said artists. When iTunes and ipod came out everyone discounted it but it was actually music execs like iovine who made it happen and work.

Apple is a hardware company but to me they are nothing without their services business now. iPod and itunes, iPhone and App Store, soon iphone/watch with music and their iCloud service.

 

[9to6mac]

No one in their right mind would ever divest out of what's going to be the World's first Trillion dollar company Especially at 65.

 

[Naraxus]

Jimmy is a good disciple of Eddy Cue. He must be doing well reporting to Eddy.

That's like Barney Fife reporting to Bozo The Clown

 

[Macintoshrumors]

Fake news has carried over to Apple rumors? It doesn’t surprise me this garbage has leaped over

 

[Abazigal]

Overpaid loser. Apple Music will never be taken “all the way” because it has no free tier and Spotify’s algorithms and offerings are better, tenfold.

So Apple Music is missing something that is causing Spotify to still be haemorrhaging losses?

And this is a bad thing how?

 

[PeLaNo]

A lot of people that don’t understand who he is or what he does are eating their words after the last thread.

ikr.
He has so much influence in music industry. Did you guys really think Apple alone can make competitive music streaming like they do now on their own without his help ?