Jimmy Iovine responds to reports of planned departure from Apple

Jimmy Iovine and Dr. Dre

Jimmy Iovine and Dr. Dre

"I am in the band", Iovine told Variety. He also mentioned that he does not have a contract with Apple, he has a deal with it and there are a lot of details within.

"My contract is up in August, but the amusing thing is, I don't have a contract", said Iovine.

Iovine admitted that he does own shares that will vest in August, as the initial reports claimed. Some have commented that leaving the company would be more of a financial reason as the last of Iovine's stock will vest in August. "I have a deal, and certain things happen along that deal", he continued in the Variety story.

At the moment, Iovine thinks streaming has a way to go before meeting its mission.

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.

Although Iovine has been a huge success in shaping Apple Music, he did mention that he is reaching an age where he'll need to slow down. That's why those articles annoyed me, because it had nothing to do with reality.

According to Iovine, he has no interest or intent on parting ways with Apple when August arrives.

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.

The music mogul shot down rumors of exiting Apple Music in an exclusive report dropped by Variety. "I don't see myself at 75-years-old running around doing music", Iovine said.

"The record industry right now is expecting technology to fix their problems, like they always have, and I'm not sure technology is going to fix their problems this time".

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.