Jimmy Iovine Will Leave Apple Inc. (AAPL) Music This Summer

He came to be part of Apple after he and rapper Dr. Dre sold the incredibly popular Beats electronics business and the less popular music streaming service to Apple. Iovine made it well known during an interview for Complex's Blueprint Series he doesn't like to focus on something for too long when he explained, "I like to pivot".

It remains unclear as to whether Iovine will be replaced if he leaves, but even if he receives a new offer it is unlikely that he'll choose to stay as his views have often clashed with the views of other executives in the company. Some or all of those sources believe that Iovine's departure is timed with the concluding payout to Iovine related to Apple's acquisition of Beats in 2014.

XXL has reached out to Apple Music for comment.

Since taking on his role at Apple Music, the user subscription has surpassed 30 million since launching in 2015.

Apple Music is headed by Robert Kondrk, who reports to content boss Eddy Cue. Shazam's tech could be integrated into more Apple products in the future.

Indeed Spotify, while having generated billions of dollars, reported a $601 million dollar loss in 2016.

While Apple Music-born out of Iovine and Dr. Dre's own Beats Music streaming service-has been successful, it has not become the market leader. Well, Beats headphone lines contribute real revenue to Apple.

However, another argument could be that music streaming services do not require big names behind them.

He began his career as a recording engineer working on Bruce Springsteen's "Born to Run" and Meat Loaf's "Bat Out of Hell".

On Thursday, Apple shares closed up 0.46% at $173.03.

  • Joey Payne