Apple Music chief Jimmy Iovine to move out in August this year

Apple Music chief Jimmy Iovine to move out in August this year

According to Billboard, Iovine's exit will be timed with the vesting of stock he acquired when first joining Apple. His introduction to the Apple community was when he introduced Apple Music during Apple's WWDC event back in 2015.

Iovine, 64, is unlikely to stay even if he gets a new offer, said the person, who asked not to be identified discussing private information.

Bloomberg has also backed Billboard's claim stating that Iovine will move out of the company after getting the final payout for the Beats Electronics acquisition.

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However, Apple Music still lags behind Swedish streaming powerhouse Spotify, which recently announced it now has more than 70 million subscribers.

Apple Music is headed by Robert Kondrk, who reports to content boss Eddy Cue. 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. A user just needs to activate Siri on iPhone, iPad or Max to identify the music being played. The deal was reportedly worth $400 million.

Iovine's official title with the popular streaming service was never disclosed by the company, but he certainly helped make a huge impact on the music market with his connections, investments and relationships in the industry.

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Unnamed sources disclose that Iovine is planning a departure from the streaming service in August.

Nevertheless, Iovine has built himself a strong place in the music industry. Iovine worked with Bruce Springsteen, John Lennon, U2, Eminem and Tupac during his career in the record business. Beats was co-founded in 2006 by Iovine and music producer / rapper Dr. Dre whose real name is Andre Romelle Young.

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

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