“It’s now been over three years since Apple closed its $3 billion acquisition of Beats, which remains its largest acquisition to date. Apple didn’t buy Beats because Beats was a strong business with robust financials (it was the opposite); Apple bought Beats because it had an incredibly strong brand and had foundational pieces of a music-streaming service, and the talent to go with it,” Evan Niu writes for The Motley Fool. “Chief among that talent was Jimmy Iovine, who has been in charge of Apple Music ever since the music-streaming service launched in 2015.”
“It looks like Iovine’s stint at the Mac maker is coming to an end,” Niu writes. “Billboard reports that Iovine is planning to leave Apple in August, citing anonymous sources. The music executive’s departure is said to coincide with when his Apple shares fully vest.”
“Iovine’s planned departure comes as Apple’s competition with Spotify continues to intensify,” Niu writes. “Spotify just announced that it now has 70 million paid subscribers, expanding its lead over Apple Music. The last time that Apple disclosed Apple Music subscribers (September 2017), it had 30 million. Iovine has been instrumental in growing Apple Music to where it is, but it looks like the company is going to have to carry on without him in a matter of months.”
Read more in the full article here.
MacDailyNews Take: Somehow, some way, Apple will find a way to survive without Jimmy Iovine.
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