Jimmy Iovine Reportedly Leaving Apple Music Chief Executive Position In August

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

Now it's being reported that Iovine is planning to depart the company in August of this year, the same time that his shares in Apple will fully vest.

Iovine's departure, timed to the end of an employment contract, has been widely discussed throughout the music industry for many months. I have no idea [what I'm doing next]. Apple declined to comment.

With Iovine at the helm, Apple Music endured a shaky start and has gone on to be something of a success. And while Iovine told reporters last spring that he was spearheading the company's move into video, he hasn't had an active role in its billion-dollar push into original TV shows; those efforts are headed by former Sony executives Jamie Erlicht and Zack Van Amburg, who also report to Cue.

Iovine didn't have have a formal title while leading Apple Music, but the co-founder of both Interscope Records and Beats (a streaming and headphone company Apple acquired in 2014) brought almost unmatched industry savvy to Apple's new streaming service.

Iovine and Dre moved into the consumer electronics space with Beats by Dre headphones in 2008.

Apple Music now has 30 million subscribers, a number far less than the ambitious goals Apple had laid out during its launch in 2015.However, earlier this week the industry leader Spotify announced that it has 70 million subscribers and it seems Apple has a lot of ground to cover to catch up with the Swedish company founded by programmer Daniel Ek. You can attribute some of that to the connections and salesmanship that Iovine brought to Apple as it courted artists for the new service. In 2017, the still-private company's losses are assumed to have continued, though it had recorded an impressive $2.2 billion in just the first half of 2017.

That's an increase of 10 million subscribers from this past July when Spotify said that its subscriber count was at 60 million.

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