The reports emerged earlier this month, but in an appearance at a promotional event for HBO documentary "The Defiant Ones" Iovine slapped them down with some vigour, according to Variety. I am committed to doing whatever Eddy [Cue], Tim [Cook] and Apple need me to do, to help wherever and however I can, to take this all the way.
In an exclusive, Variety reports that "Music mogul Jimmy Iovine shot down rumors that he plans to exit Apple in August telling Variety that he's committed to staying on the team and helping the company get music streaming right". This date matches with his shares fully vesting and follows Iovine and Dr. Dre's sale of headphone maker Beats to Apple, completed in 2014, for $3 billion. On this matter, Iovine said he thought different.
Dre replied: "I'm working on a couple songs right now". Apple Music is now second in music streaming behind Spotify, who now has 70 million monthly paid subscribers.
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Iovine says that most of his stocks have already vested, and while there are a few left to vest in August, he's not at all concerned with the money aspect of everything.
Some of his best work was behind the scenes, he made other people great and I think that's the thing that made him so special."I have a deal, and certain things happen along that deal", he continued in the Variety story. That's why those articles annoyed me, because it had nothing to do with reality. The bottom line is I'm loyal to the guys at Apple. Billboard cites an interview with Iovine back in September that his focus was bringing music streaming up to speed. And Apple now says it has 30 million paying subscribers for Apple Music, which means it is generating real revenue, even if it is less than the ambitious goals Apple had laid out to the music industry in advance of its 2015 launch.
As for the future, Iovine says he will help "streaming come to scale".
Although Iovine has been a huge success in shaping Apple Music, he did mention that he is reaching an age where he'll need to slow down. "I don't see myself at 75-years-old running around doing music", Iovine said.