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

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"But there's still a lot more we'd like to do", said Iovine. "I am in the band".

"All this stuff you're seeing in the newspapers, let me tell you, my stock vested a long time ago", said Iovine during a live Q&A session in Los Angeles to promote the recently Grammy-nominated HBO documentary "The Defiant Ones".

"There is a tiny portion of stock that vests in August, but that's not what I think about", Iovine added.

There, he shut down all the reports that he would be leaving the company and made it very clear that he is loyal to Apple and would not be departing.

Variety reports that Iovine is committed to staying at Apple in order to continue building Apple Music, which now has over 30 million paid subscribers.

"My contract is up in August", he conceded, "but the amusing thing is, I don't have a contract". Since re-launching Beats music as Apple Music in 2015 it has expanded to more than 30 million paying subscribers.

Iovine has basically filled Steve Jobs' shoes since the Apple founder passed away, so it'll be fascinating to see what Iovine, as well as his creative and business partner Dr. Dre, do when their contracts with Apple run out this summer. It is believed his departure is timed to his Apple shares fully vesting, sources tell Billboard.

The exec also hinted that more original content could be in the works, noting that numerous most popular video-streaming services are able to differentiate themselves with large catalogs of original content, while music-streaming services all offer almost identical catalogs.

Last week, the music industry blog Hits Daily Double and Billboard reported Iovine is leaving the company, which he joined in 2014 when the iPhone maker bought his company, Beats, for $3 billion. His stock presumably vests along the same timeline, and Dre's future plans are also unknown. 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. He noted that "right now, I'm committed to getting streaming right".

"It will make music better, it will make it sound better, and improve access and delivery, but I'm not sure that benefits the labels unless the labels do something to make the proposition more interesting", he said.