The Apple "executive" notes that while is contract is technically up in August, he doesn't actually have a contract; he has a "deal".
"My contract is up in August, but the amusing thing is, I don't have a contract", said Iovine. The report also stated that his departure is likely timed to his Apple shares fully vesting.
TMZ reports that Dr. Dre and Jimmy Iovine were at a Golden State Warriors practice session yesterday when ESPN's Chris Haynes asked Dre if his long-delayed album Detox was dead. Since then, his Apple stock has slowly vested in stages, with the last portion due in August. "I love Apple, and I really love musicians".
Iovine is definitely still committed to the Apple cause but he admits he doesn't want to stick with the music business forever. That's why those articles annoyed me, because it had nothing to do with reality.
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Apple Music now has 30 million subscribers and is predicted to only increase thanks to even more exclusive content initiatives. "It made it out to be all about money".
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Since joining Apple four years ago, Iovine has helped turn Apple Music into a massive empire. This is all thanks to Iovine's leadership, which has moved the streaming music service into videos and original programming.
"The record industry right now is expecting technology to fix their problems, like they always have, and I'm not sure technology is going to fix their problems this time".