Jimmy Iovine is reportedly leaving Apple Music this year

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Angela George [CC BY-SA 3.0], via Wikimedia CommonsWhy is Iovine leaving Apple?

Iovine, 64, is unlikely to stay even if he gets a new offer, said the person, who asked not to be identified discussing private information. Some or all of those sources believe that Iovine's departure is timed with the concluding payout to Iovine related to Apple's acquisition of Beats in 2014.

Jimmy Iovine had a huge hand in helping the streaming service lift off two and a half years ago so this news is huge.

However, Apple Music still lags behind Swedish streaming powerhouse Spotify, which recently announced it now has more than 70 million subscribers.

Since joining Apple four years ago, Iovine has helped turn Apple Music into a massive empire. The deal was reportedly worth $400 million. According to the latter, Iovine will leave Apple once the stock he bought upon joining the company is fully vested, and that will be in August.

However, another argument could be that music streaming services do not require big names behind them. Experiments like Carpool Karaoke have not made a significant impact on the market, though Iovine's efforts to push curated music and other perks are laudable to music obsessives.

Replacing Iovine will prove very hard, however.

He began his career as a recording engineer working on Bruce Springsteen's "Born to Run" and Meat Loaf's "Bat Out of Hell".

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.

On Thursday, Apple shares closed up 0.46% at $173.03.