Apple acquired Beats, the headphone maker and music streaming service co-founded by Iovine and Dr. Dre, for $3 billion in May 2014. His job title at the tech company is not really known, but he is widely credit for the huge success of Apple Music over the three years he's been with the company. 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.
At this point, it is not clear who will be replacing Iovine, who never had a specific role outlined in terms of his duties at Apple.
Apple Music is headed by Robert Kondrk, who reports to content boss Eddy Cue.
The company told Billboard in September it had 30 million Apple Music subscribers. The deal was reportedly worth $400 million.More news: David Letterman Netflix Series Gets Premiere Date, Title - Watch Teaser
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Hits Daily Double reported yesterday that sources in the know expect Iovine to leave his Apple Music post in August of this year. The headphone brand was also complemented by Beats Music, itself an rebranded acquisition of the struggling MOG.
However, another argument could be that music streaming services do not require big names behind them.
Replacing Iovine will prove very hard, however. Iovine, a famous producer and Interscope Records' co-founder, created the audio company with Dr. Dre back in 2006.
He began his career as a recording engineer working on Bruce Springsteen's "Born to Run" and Meat Loaf's "Bat Out of Hell".