Jimmy Iovine was characterized as a fearless maverick in last year’s The Defiant Ones documentary. After building Interscope records to a powerhouse off the strength of Death Row Records and later Eminem and 50 Cent, Iovine transitioned to Apple Music in 2014 after he and Dr. Dre sold their Beats company to the tech behemoth. 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 yesterday that sources in the know expect Iovine to leave his Apple Music post in August of this year. Though he never had an official title with the company, he no doubt offered his major label expertise to Apple Music executives, who have partnered in several exclusive deals with artists like Drake and Chance The Rapper.
These rumors of his imminent departure come after Iovine told a group of reporters at an industry dinner that “the streaming services have a bad situation, there’s no margins, [and] they’re not making any money.” Perhaps that less-than-rosy outlook also has something to do with Iovine leaving Apple Music. Time will tell what his next endeavor will may be, but it’s completely understandable if the industry veteran takes his Beats bag and goes home.