Iovine says that most of his stocks have already vested, and while there are a few left to vest in August, he's not at all concerned with the money aspect of everything. But there's still a lot more we'd like to do, " Apple exec Jimmy Iovine told Variety, squashing rumors of a summer departure from the company. He noted that "right now, I'm committed to getting streaming right". "I am in the band", said Iovine. However, according to Business Insider, he probably has been a dealmaker working on Apple Music to gather interviews with original radio shows and to work with record labels. The streaming service now has over 30 million subscribers, and thanks to Iovine's contributions, he may remain in a consulting role. "I have a deal, and certain things happen along that deal".
Iovine has been a colourful figurehead for Apple Music and a dynamic presence within the company, although it's also true that Apple has built a talent roster that looks able to thrive and prosper when he does eventually leave. Another source says Iovine's plan was always to exit once hitting the last of his exercise options over a three-year vesting period. That's why those articles annoyed me, because it had nothing to do with reality.
Iovine joined Apple in 2014, when the company bought Beats headphone for $3 billion, and he has worked since to develop Apple Music into a competitive music streaming service with Apple CEO Tim Cook and Eddy Cue, senior vice president of services.
The service's main rival Spotify, however - despite having been around for about a decade - has well over 70 million paying members, so there's obviously work to do.
As for the future, Iovine says he will help "streaming come to scale".
"My contract is up in August, but the amusing thing is, I don't have a contract", said Iovine. "Everybody's talking about the great oil gusher, but it's not going to scale unless streaming gets more interesting".