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Apple executive Jimmy Iovine has come out and denied recent reports that he is leaving Apple in fall 2018. Iovine stated that he is loyal to the company and has much more work to do. ( Larry Busacca | Getty Images )
New reports have emerged in the past week that state Apple could be losing its music chief, Jimmy Iovine, in August.
The music mogul took the stage at the Grammy Museum for a screening of the HBO documentary The Defiant Ones, where he answered some questions from audience members.
There, he shut down all the reports that he would be leaving the company and made it very clear that he is loyal to Apple and would not be departing.
The Departure Rumors
Recent reports have suggested that Iovine would be leaving Apple in August 2018 after his contract ends. Some have commented that leaving the company would be more of a financial reason as the last of Iovine’s stock will vest in August.
Iovine spoke about the possible financial reasoning and said that he was not pleased that the media focused on this aspect of the rumor. Iovine actually called it annoying and was upset that the media made it “all about money.”
He further went on to say that his stocks vested some time ago and only a small portion of his stock will vest in August. He also mentioned that he does not have a contract with Apple, he has a deal with it and there are a lot of details within.
This is the best news for Apple as its music streaming service has risen to No. 2 behind Spotify. This is all thanks to Iovine’s leadership, which has moved the streaming music service into videos and original programming.
The company is working hard to beat out the competition and will definitely need Iovine’s help to do it.
Iovine Reveals What’s Next
The long-time music producer revealed that he is staying at Apple and streaming will be the main focus. He said that his next chapter will involve getting Apple Music to another level of streaming.
The music executive also hinted that more original content could be coming to the music streaming service. He noted that many of the most popular video-streaming services are able to differentiate themselves with large catalogs of original content.
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. Iovine is almost 65 years old. He said that he does not see himself in the same place in the next 10 years.
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