Source: www.myapplemenu.com --- Friday, September 29, 2017
“I don’t believe that what exists right now is enough.” Jimmy Iovine, who runs Apple Music -- originally Beats, the music service and electronics business that he and co-founder Dr. Dre sold to Apple for $3 billion in 2014 -- is on a tear about the deficiencies of streaming services, including his own. Sitting on a couch in his sunny office at Apple’s Los Angeles headquarters, he admits he wouldn’t be here if he weren’t “extremely” optimistic: “I believe we’re in the right place, we have the right people and the right attitude to not settle for what exists right now.” But ultimately? “Just because we’re adding millions of subscribers and the old catalog numbers are going up, that’s not the trick. That’s just not going to hold.” Apple Music tells Billboard that it now counts well over 30 million paying subscribers, helping fuel a 17 percent revenue jump for the U.S. recorded-music business in the first half of 2017 over the same period a year ago, according to the RIAA. Meanwhile, Goldman Sachs issued a report in August predicting that subscription streaming would drive the global record business to nearly triple to $41 billion by 2030. But the 64-year-old Iovine, whose expansive career was chronicled in HBO’s recent four-part documentary series The Defiant Ones , is an unlikely bear in a bull market -- he says the Goldman Sachs report “just doesn't work for me.” The forecast, he claims, fails to properly account for the e ...
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