Beats Music, MOG acquisition and scaling streaming

Jimmy recounts buying Mog, renaming it Beats Music, scaling challenges, and bringing Trent Reznor on board.

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Episode notes

Jimmy Iovine is the co-founder of Interscope Records, Beats by Dre, and the USC Jimmy Iovine and Andre Young Academy. Iovine is widely regarded as one of the most influential figures in the modern music industry.

Growing up in the Red Hook neighborhood of Brooklyn, New York, Iovine was raised in an Italian working-class family. He began working as a recording engineer in the early 1970s, and went on to engineer landmark albums including Bruce Springsteen's Born to Run and John Lennon's Rock 'n' Roll and Walls and Bridges, before transitioning into production with Patti Smith's Easter, Tom Petty's Damn the Torpedoes, Stevie Nicks' Bella Donna, and U2's Rattle and Hum.

In 1990, Iovine co-founded Interscope Records with Ted Field. Under his leadership, the label became one of the most dominant forces in popular music, launching or elevating the careers of Dr. Dre, Tupac Shakur, Nine Inch Nails, No Doubt, Eminem, 50 Cent, Lady Gaga, and Kendrick Lamar. He rose to become chairman of Interscope Geffen A&M Records. In 2006, he and Dr. Dre co-founded Beats by Dre, which Apple acquired in 2014 for $3 billion — the largest acquisition in Apple's history at the time. Iovine subsequently helped launch Apple Music in 2015 before departing Apple in 2018.

His accomplishments include being inducted into the Rock & Roll Hall of Fame in 2022 with the Ahmet Ertegun Award, being honored by the Recording Academy's Producers & Engineers Wing during Grammy Week 2012, co-founding the USC Jimmy Iovine and Andre Young Academy in 2013 with a $70 million donation alongside Dr. Dre, launching the Iovine and Young Center high school program in Los Angeles in 2022 with additional locations in Atlanta and Inglewood, and donating to the city of Compton during the COVID-19 pandemic to fund medical supplies, testing, and meals for residents.

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Chapters

(00:00:00) Introduction: The Corny World of Fame

(00:00:54) The Impact of Social Media on Fame

(00:01:27) Chasing Greatness: Personal Reflections

(00:02:10) Technological Shifts in the Music Industry

(00:03:24) The Streaming Service Dilemma

(00:05:34) The Artist's Perspective on Streaming