It looks like Iovine's stint at the Mac maker is coming to an end.
Beats co-founder Jimmy Iovine is reportedly leaving Apple Music in August according to sources in a story reported by Billboard. However, no information is available yet in this regard. At the time, those shares were worth approximately $485 million, based on a closing price of $89.66.
Under Iovine's watch, Apple Music has become one of the most popular streaming music services on the planet. It was an awkward presentation to say the least.
Iovine and Eminem. Image credit Southpawer
An August departure also lines up with what we know, since four-year vesting schedules are quite common, and July 31, 2018, will mark four years after the deal closed.
Iovine's departure may be a loss for the company, though. That is all thanks in large part to Iovine's focus on delivering quality content and original programming. That number still pales in comparison to market leader Spotify, which disclosed Thursday that it now counts 70 million paying members.
In a September interview with Billboard, Iovine said he wanted to continue making music streaming bigger and better after Apple Music.
Apple Music now has 30 million subscribers, a number far less than the ambitious goals Apple had laid out during its launch in 2015.However, earlier this week the industry leader Spotify announced that it has 70 million subscribers and it seems Apple has a lot of ground to cover to catch up with the Swedish company founded by programmer Daniel Ek.
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