Beats Cofounder Jimmy Iovine Saying Goodbye to Apple

Beats Cofounder Jimmy Iovine Saying Goodbye to Apple

Beats Cofounder Jimmy Iovine Saying Goodbye to Apple

Thus far Iovine and Apple have not commented on the latest reports. Now that the shares from that rumored $3 billion sale are set to be vested, Jimmy is rumored to be on the way out.

Hits Daily Double reported Iovine's impending departure earlier Thursday. Iovine was a key proponent of Apple's iTunes and the iPod, two products that drastically altered the music industry's direction in the 2000s. It has 30 million paying subscribers, but Spotify has 70 million.

Neither Iovine nor Apple have released a statement about the reports.

Under Iovine's watch, Apple Music has become one of the most popular streaming music services on the planet. For more on this development, check out the full Billboard report here.

As Iovine reportedly preps to leave the company, a question that is bound to float is, did Apple earn enough revenue compared to what it paid to Iovine and his partner Dr. Dre for Beats four years ago - the largest acquisition in the company's history?

Consequently, there's no word on whether Apple will replace the mogul who never took an official title at the company.

Under Iovine's leadership, Apple's subscription music-streaming service, Apple Music, moved into video and original programming. Experiments like Carpool Karaoke have not made a significant impact on the market, though Iovine's efforts to push curated music and other perks are laudable to music obsessives. His label hosted such stars as Dr. Dre, Eminem, the Black Eyed Peas and Lady Gaga. He hasn't said anything about leaving Apple, and the company is quiet, too. According to Billboard, Iovine's departure will be timed with the vesting of stock he acquired when he first joined Apple.

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