Jimmy Iovine to Leave Apple Music in August

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Apple Music executive Jimmy Iovine, 64, is reportedly planning to leave the company in August. Billboard reported that his departure from the company coincides with his shares in Apple fully vesting.

He first linked with Apple all the way back in 2003, when he met Apple founder Steve Jobs and exec Eddy Cue, and was a key proponent of Apple's iTunes and iPod brands. 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.

"We created Apple Music to make finding the right music easier for everyone - men and women, young and old", said Apple and Iovine in a statement.

Jimmy Iovine is one of the most prominent music industry executives.

Iovine has been making progress with Apple Music, but it's unlikely he'll turn the streaming music market into the massive cash cow studios want by August.

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Apple didn't immediately respond to a request for comment.

This rumor first surfaced on Hits Daily Double but since then Billboard has said that its sources have confirmed the news.

Under Iovine, Apple Music has grown to 30 million paid users since its June 2015 launch.

"A music service needs to be more than a bunch of songs and a few playlists", Iovine said in an interview early past year. Still, that Apple was able to build its streaming service to that size in such a short period of time, effectively keeping pace with Spotify's growth, is nonetheless impressive. Beats was co-founded in 2006 by Iovine and music producer / rapper Dr. Dre whose real name is Andre Romelle Young.