Apple may need to start searching for a new prominent music industry figure to serve as liaison with record labels and content producers, if speculation of Jimmy Iovine’s imminent departure from the company comes to pass.
Iovine never formally supervised Cupertino’s thriving music streaming business, assuming an undisclosed leadership role back in 2014, when the high-profile, high-priced Beats acquisition officially went through.
But while Eddy Cue, Apple’s Senior Vice President of Internet Software and Services, technically oversees all of the American corporation’s “industry-leading content stores”, iTunes, Apple Music and iCloud included, the former co-founder of Interscope Records definitely played a central part in the rapid rise of Spotify’s now largest rival.
Interestingly, Iovine never signaled his intent to leave the business, repeatedly stating in not-so-distant interviews there’s still a “problem” that “needs some sort of solution” to sustain the long-term growth of various audio creation and distribution platforms.
We’re obviously curious to see what’s next for the veteran entrepreneur who co-founded Beats Electronics with Dr. Dre more than a decade ago, agreeing to sell the company to Apple for a whopping $3 billion, and now reportedly inching closer to his shares fully vesting. That basically means he’ll outright own said shares even if he does decide to part ways with Apple in August, as insiders suggest.
As for Apple Music, the app’s subscriber numbers should continue to surge for the foreseeable future, especially with a newfound focus on original programming.