Jimmy iovine: "streaming services are having a bad situation"

Jimmy Iovine, the Apple Music executive and co-founder of Beats, has given a recent interview on Billboard on the occasion of "The Defiant Ones", a documentary series segmented into four episodes that focuses on the professional careers of Iovine and your partner for many, many years, the popular Dr. Dre. However, this interview especially highlights his current vision of streaming music services.

Free services undermine the music industry

During the interview, Jimmy Iovine spoke about the current state of the streaming music industry and the precarious position of those companies that have focused exclusively on music streaming, such as Spotify.

According to the executive, "Transmission services are going through a bad situation, there are no margins, they are not making money." And he continues: “Amazon sells Prime, Apple sells phones and iPads, Spotify is going to have to find a way to get the audience to buy something else. If Jeff Bezos wakes up tomorrow morning and says, 'You know? Did I hear the word "$ 7.99"? I don't know what it means, and someone says, "Why don't we try $ 7.99 for music?" Woah, guess what happens? ”

According to Iovine, the streaming music business is "fine" when it comes to big companies like Amazon, Apple and Google, but "it's not a big deal" for independent companies like Spotify. "They have to find a way to show the way to make this a real business, " he said.

On the other hand, Iovine points out that the recording industry does not yet know "where the technology will go", and that things could change at any time in case of new advances in software or hardware.

In addition, executive Iovine says in this interview that streaming services that offer content for free undermine the music industry by causing a major problem that TV service providers like Netflix don't have to deal with. All music streaming services offer the same content in general, making it difficult to convince listeners to pay when the content is available elsewhere at no cost.