The executive said he is committed to doing whatever Eddy Cue, Tim Cook and Apple need him to do to take the service all the way.
Billboard initially based their report on Iovine leaving due to his shares with Apple vesting, Iovine responded those claims during an appearance Monday night at The Grammy Museum for a screening and Q&A session for the Grammy Nominated HBO Documentary, The Defiant Ones by revealing that his "Apple stocks vesting in stages" since he sold Beats and that the last of his Apple stock with will vest in August.
In a new interview Iovine clearly stated that "We need Donald Trump here to call it 'fake news' because the vast majority of his company stock vested a long time ago, so even the reasoning behind the Billboard story was wrong". This means that Iovine and Dr. Dre will start reaping the benefit for the $3 billion sale of headphone, Beats to Apple in 2014.
Recent reports have suggested that Iovine would be leaving Apple in August 2018 after his contract ends. "It made it out to be all about money", Iovine said, according to Variety.
"I'm working on a couple songs right now".
Of course, with a market cap in excess of $900 million (nearly $1 trillion, at current share prices) Beats, Apple Music, Beats Radio 1 and additional initiatives by Iovine and his team are "a tiny blip" in the Apple ecosystem, says one insider, as is a payout of almost $1 billion. My contract is up in August, but the amusing thing is, I don't have a contract.
Iovine does not have a title at Apple Music but has been seen as an influential presence, using his deep connections in the music industry to build the service's catalogs.
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. The famous producer, however, wasn't pleased about the media's focus on this aspect: "Those articles annoyed me, because it had nothing to do with reality".
Iovine, 65, said he wants to help streaming scale properly before he slows down.
With a tech giant such as Apple behind its back, technology will undoubtedly be a factor in the evolution of the streaming offering and its platform - however, Iovine is convinced that technology can't do everything on its own.