- Full Name: James Iovine Jr.
- Born: March 11, 1953
- Birthplace: Brooklyn, New York
- Occupation: Record producer, entrepreneur, industry leader
- Marital Status: Divorced
Jimmy Iovine Net Worth History
James “Jimmy” Iovine began his career in the 1970s as a recording engineer working with Bruce Springsteen, John Lennon, and Meat Loaf, however, he aspired to be a record producer. He secured contracts and produced albums for several music stars, including Tom Petty and the Heartbreakers, Stevie Nicks, Patti Smith, U2, and Dire Straits. Iovine also oversaw the music score for several popular films.
In 1990, Iovine founded Interscope Records and a long list of clients. Tupac Shakur was Interscope’s first Hip-Hop production, and Iovine helped launch Death Row Records, which became highly successful. In year 1999 and through a large merger, Interscope became Interscope-Geffen-A&M, one of the largest record production companies in the industry. Further success was attained through contracting with highly popular performers, such as Eminem and Lady Gaga.
In an effort to keep pace with the changing record industry, Jimmy Iovine and Dr. Dre founded Beats Electronics, a company that sold technologically advanced sound systems and Daisy, a music streaming service. This company cornered the headphone market and brought vast sums of income for the two business partners, however, Daisy did not gain expected subscription numbers, even though they announced the service during the Super Bowl. Apple Inc. later purchased Beats Electronics for $3 billion, which was actually $2.6 billion cash and $400 million in stock. Iovine and Dr. Dre would each acquire over $500 million after taxes from this buyout. Because of this deal and the possible increases to the Apple stock that Iovine holds, his net worth may be even higher than the $950 million that has been declared.
About Jimmy Iovine
Jimmy Iovine is from an Italian ancestry, and he is the son of a longshoreman, James Iovine Sr. His introduction into the music industry came when he was given a job cleaning a recording studio. He later became a recording engineer and a record producer, and he has been involved the the production of over 250 albums.
With the Beats Electronics buyout, Apple was actually more interested in bringing Iovine on board to handle future contract negotiations. Iovine helped Apple get into the music streaming industry with the creation of Apple Music. This streaming service has been slated as a revolution that will return prosperity to the music industry, with Connect channels that allow unsigned artists to share their music. The launch was partly an effort to restore Apple to its status as a music “tastemaker,” but it has been critiqued for troubles in the system, and it was embroiled in controversy with the decision to hold payments to artists while customers are on the free three month trial. Superstar Taylor Swift condemned this policy and vowed not to release her new album, “1989” to Apple Music. Iovine relented, announcing that artists would be paid while customers are on the free trial, and Swift agreed to release her music to the service.
Jimmy Iovine was married to model and writer Vicki Ann McCarthy until 2009, and he has three children, one of whom is named James Iovine.