Jimmy Iovine Says He's Not Leaving Apple, Calls Rumours 'Fake News'

Jimmy Iovine Says He's Not Leaving Apple, Calls Rumours 'Fake News'

Players found themselves taking a second look as music moguls Andre "Dr. Dre" Young and Jimmy Iovine walked into the facility to pay a visit, which stirred another level of excitement in the players. The timing of his departure may correlate with Iovine's Apple share fully vesting.

"All this stuff you're seeing in the newspapers, let me tell you, my stock vested a long time ago".

Last week, the music industry blog Hits Daily Double and Billboard reported Iovine is leaving the company, which he joined in 2014 when the iPhone maker bought his company, Beats, for $3 billion.

In addition to the claims about him leaving Apple, some commented on what the move might mean financially, as the last of Iovine's stock will vest in August as well. "It made it out to be all about money".

If Iovine exits Apple, they could risk losing one of the driving forces of their continued success in the music field. Apple Music has 30 million subscribers, while Spotify has 70 million paying subscribers, leaving plenty of room for both services to grow.

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The industry veteran also cautioned against complacency, even as streaming is driving a music industry turnaround: "Everybody's talking about the great oil gusher, but it's not going to scale unless streaming gets more interesting". I have a deal, and certain things happen along that deal. I love Apple, and I really love musicians. The famous producer, however, wasn't pleased about the media's focus on this aspect: "Those articles annoyed me, because it had nothing to do with reality".

The positive answer: Apple makes real revenue from the Beats headphone line Iovine sold them. Billboard cites an interview with Iovine back in September that his focus was bringing music streaming up to speed.

For now, though, Iovine maintains that he is sticking around "to help streaming come to scale" which judging by his comments at the event, revolves around developing the kind of original content that has fuelled Netflix's growth, but around music.

Iovine's plans on what to do after Apple Music is unclear. Iovine is nearly 65 years old.

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