Jimmy Iovine, whose Beats Music launched its music streaming service earlier this year, said yesterday that rival Spotify is underperforming.
“Spotify should have 10 million people in America” alone, he said at the Code conference in California yesterday (May 28), according to The New York Times. Spotify has 10 million paying customers worldwide.
Yesterday, it was reported that Beats’ subscription-based streaming music service has 111,000 subscribers. Beats’ low number of subscribers reportedly resulted in Apple lowering its purchase price of Dr. Dre and Jimmy Iovine's Beats Electronics and Beats Music from $3.2 billion to $3 billion.
Iovine also said at the conference that the earbuds that come with Apple’s iPods are substandard. “You listen to Apocalypse Now,” he said, "and a helicopter sounds like a mosquito.”
Yesterday, Jimmy Iovine announced that he is stepping down as Chairman and CEO of Interscope Records.
The news comes on the heels of the announcement of Apple’s $3 billion purchase of Dr. Dre and Jimmy Iovine’s Beats Electronics, which was also announced yesterday.
John Janick will replace Iovine. Janick has been named chairman and CEO of Interscope Geffen A&M, while Iovine will become an Apple executive.