The American has shaped the music world for decades. Whether as a sound engineer, producer, innovator or manager, Jimmy Iovine is always there when it comes to making money. His influence has not only shaped numerous careers but also changed the way we listen to music. Today he describes his time with Bruce Springsteen, John Lennon and Patti Smith as his higher education. Now Iovine hit the headlines again. As a long-standing star in the music scene, he knows the value of song rights very well. He just sold the rights to a total of 259 songs.
John Lennon Discovered Him
His career began back in 1974. At that time, he had indirectly got hold of a job as an assistant in the Record Plant Studios. His boss sent him to the studio on Easter Sunday, where he was supposed to meet John Lennon. Iovine’s mother was far from enthusiastic about it. As the son of an American-Italian family, his parents believe that he should spend Sunday in church. But Iovine prevailed and started a world career that day. Before he knew it, he was John Lennon’s sound engineer. Less later, he took off with the young Bruce Springsteen and his highly successful early albums. Iovine produced countless superstars, including Stevie Nicks, U2 and Dire Straits. He was the first to recognize the potential of hip hop and made his company Interscope the leading record company in this genre. Tupac Shakur started his career there. The company is now part of the Universal Music group.
Billion Deal With Apple
2006 marked the next milestone in his career. Together with Dr Dre, he founded the headphone manufacturer Beats. They expanded it into a streaming service that, after the sale, belongs to the Apple empire. The rumoured selling price of three million dollars was one of the biggest deals in the industry. Iovine joined Apple Music and was responsible for the company until 2018. Now the star producer has once again shown his business acumen. He sold his producer rights and royalties to the Hipgnosis fund.
Perfect Time To Sell
They mainly acquire rights to the catalogues of prominent songwriters. Financially, Iovine should no longer have been interested in the deal. He has long been one of the richest in the industry. It is therefore not surprising that the proceeds will go towards building a school in Los Angeles. The parties agreed not to disclose the exact price. The time to sell is ideal. Several deals of this type have made headlines in the past few months.
Bob Dylan, for example, may have earned several hundred million dollars for the sale of his song rights. The shrewd businessman Iovine used the perfect time and cashed in again here. After all, numerous large music publishers are currently on a big shopping spree. The prices for high-quality song rights are correspondingly high at the moment. Jimmy Iovine has been making headlines for 45 years. You can see his eventful life in a multi-part documentary, The Defiant Ones, on Netflix.