Jimmy Iovine Planning To Leave Apple In August

Jimmy Iovine departing Apple

Iovine had ordered up video series to give Apple Music more exclusive features to entice subscribers, but projects such as "Planet of the Apps" and "Carpool Karaoke" haven't built much buzz.

Apple did not comment on his sudden departure and Jimmy Iovine has been tight-lipped on the reports.

Iovine, the former CEO of Interscope Records, joined Apple in 2014 when the tech company acquired Beats Electronics.

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Since taking on his role at Apple Music, the user subscription has surpassed 30 million since launching in 2015. That contrasts starkly with Spotify's "freemium funnel" approach, which is rapidly boosting paying subscribers - and possibly minting a new class of billionaires in the process.

Exactly what this means for Apple Music is anyone's guess. In 1990, Iovine founded Interscope Records, which later merged into Vivendi's Universal Music Group, notes CNET. There simply aren't many people with his knowledge, experience, and vision in the music industry, so it's hard to imagine his departure won't be a step back for the service, despite its ongoing success. "We have a lot of plans".

These rumors of his imminent departure come after Iovine told a group of reporters at an industry dinner that "the streaming services have a bad situation, there's no margins, [and] they're not making any money".

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