Jimmy Iovine, the head of Apple Music, is reportedly leaving the company in August. Apple declined to comment.
Sources familiar with the matter tell Billboard that the former Interscope CEO is planning to exit Cupertino in August, a departure that is likely timed to his Apple shares fully vesting. As of September 2017, the service had over 30 million paying subscribers (Apple Music doesn't offer a free tier) - about half as many paid members as rival Spotify.
Iovine has a long history with Apple. He co-founded Beats, a company that made high-end headph0nes, with Dr. Dre. Jimmy Iovine has helped Apple Music reach 30 million paid users, nearly half way to Spotify's 70 million monthly paid subscribers. Cue's division has moved forward with its own plans for a slate of original shows, which may not be part of Apple Music.
On Thursday, Apple shares closed up 0.46% at $173.03.