Jimmy Iovine, whose illustrious career in music has included working as a recording engineer with greats such as John Lennon and Bruce Springsteen, is seeing his career reach a new phase with the transformative brand Beats. Iovine and Dr. Dre developed Beats, which is more than just a headphone brand, but has become a sensation. Apple ate up Beats for $3 billion, and critics said that Apple was overpaying for the brand and was making the move out of desperation. However, Beats has been a winner for Apple, and the acquisition has more than paid off, as reported by European CEO
The gift of this acquisition was not just in the headphone brand itself, but in the streaming service that came along with Beats. This will allow Apple to revive its iTunes music service with a focus on streaming provided by Beats. Apple is late to the game with streaming, and will have to play catch-up and compete with streaming services like Spotify and Rdio. Apple may have to adopt a subscription model, and artists might not be thrilled with this if it will involve smaller royalties. However, Iovine, who founded the label Interscope that merged with Geffen, is likely to figure something out. Iovine was born in Brooklyn and his father was a longshoreman. He discovered music as a career when as a boy he got a job cleaning a recording studio.