A post shared by Jimmy Iovine (@jimmyiovinemusic) on Jul 16, 2017 at 10:24am PDT

The end of an era

Legendary music executive Jimmy Iovine will leave Apple Music in August, according to Hits Daily Double and then Billboard, who talked to multiple sources.

Why August? The answer is simple: that is when his shares in Apple become fully vested.

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Iovine never took an official title at Apple Music, but he was a vital leader to the company. He came to Apple in 2014 after selling Beats, his electronics company co-owned with Dr. Dre, to Apple for $3 billion.

In 2015, the company launched Apple Music, Spotify’s main rival, which now has over 30 million subscribers. Iovine is reportedly someone who wanted Apple Music to focus on original content, ranging from documentaries to curated playlists.

READ: Apple Confirms The Purchase Of Shazam

It’s not clear where Iovine will head next. But maybe he sees something we all don’t? In November, he didn’t sound all that optimistic about streaming, saying: “The streaming services have a bad situation, there’s no margins, they’re not making any money,”

Source: Hits Daily Double. Billboard