Jimmy Iovine Says He's Not Leaving Apple, Calls Rumours 'Fake News'

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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.

Another source says Iovine's plan was always to exit once hitting the last of his exercise options over a three-year vesting period.

As for Iovine, he says he's not done at Apple - at least not for now.

"My contract is up in August, but the amusing thing is, I don't have a contract", said Iovine.

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Iovine spoke about the possible financial reasoning and said that he was not pleased that the media focused on this aspect of the rumor.

The Apple "executive" notes that while is contract is technically up in August, he doesn't actually have a contract; he has a "deal". "It made it out to be all about money", Iovine said, according to Variety.

Apple Music now has 30 million subscribers and is predicted to only increase thanks to even more exclusive content initiatives. 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.

The company is working hard to beat out the competition and will definitely need Iovine's help to do it.

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What do you think the future for Apple Music is? He said that his next chapter will involve getting Apple Music to another level of streaming.

Iovine, best known as the co-founder of Interscope Records, joined Apple in 2014 after the company bought Beats Electronics, a company that he co-founded with hip-hop artist and producer Dr Dre for US$3 billion. It is this original content which he puts down to their success.

"I don't see myself at 75-years-old running around doing music".

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