Apple doesn’t just want to compete in the music business, it wants to be the music business, according to a new report from Billboard. Citing sources with knowledge of the matter, the outlet has shed some light on the company’s ambitious plans for the record industry.
Beats co-founder and Apple executive Jimmy Iovine has apparently been holding secret meetings with senior executives from many record labels in recent weeks. The discussions are of course protected by non-disclosure agreements, but details are beginning to trickle out.
Some of it we’ve heard before, such as Apple is looking to launch a revamped streaming service within the next few months, with a monthly price point lower than its competitors. But it’s also apparently looking to do some significant housecleaning within its digital iTunes Store.
“Other clues suggest a major scrub to the iTunes store, which will rid itself of thousands of titles including soundalikes and certain covers, all at Apple’s discretion,” Billboard reports. There is also talk that the ‘Featured’ music section could move from editorial-based to sales-based.
With over $180 billion in cash, Apple has the resources to do pretty much whatever it wants in the music industry. And following its $3 billion purchase of Beats last year, which brought on Iovine and the well-connected rapper and producer Dr. Dre as executives, it also has the clout.
In the photograph above, Iovine sits with Tim Cook, Eddy Cue, former US Vice president Al Gore and former House speaker Nacy Pelosi at Clive Davis’ pre-Grammy gala. Billboard said the group had a ‘Goodfellas’ vibe, with many industry execs coming up to pay their respects.