After joining Apple, he has been a guiding force behind the Apple Music subscription service, which has now more than 30 million subscribers.
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Billboard reported the timing of his departure is likely to coincide with his shares in Apple becoming fully vested. It's unclear what Iovine plans to do after Apple and whether, at 64, he intends to retire if he truly does leave the company in August. Iovine founded Beats, best known for its high-quality headphones, in 2008 with the rapper Dr. Dre. Some might say that thanks to Iovine, Apple Music has seen a huge growth with it now boasting more than 30 million subscribers.
Replacing Iovine will prove very hard, however. He went on to run major music labels, including Interscope records. He has worked as a recording engineer with legends like John Lennon and Bruce Springsteen, and as a producer for big acts like Tom Petty & The Heartbreakers, Patti Smith, and U2.