Jimmy Iovine Net Worth: How Much Fortune Does He Have?
A businessman, record executive, and owner of a media company, Jimmy Iovine is American. Having co-founded Interscope Records, he is best recognized for this. Beats Electronics, a manufacturer of audio devices and the operator of a now-defunct music streaming service, was established in 2006 by Iovine and rapper-producer Dr. Dre. Apple Inc. acquired the business in May 2014 for $3 billion.
Iovine was appointed chairman of Interscope-Geffen-A&M, a conglomerate business merged by the then-reinvented Universal Music Group in 1999, before Apple acquired Beats in 2014. At that time, the company had just undergone a rebirth.
Early Life Of Jimmy Iovine
Jimmy Iovine was born to a working-class Catholic-Italian family on March 11, 1953, in Brooklyn, New York. He briefly attended John Jay College of Criminal Justice, but at 19, he left and was working as a janitor at Record Plant Studios, a recording facility in New York City.
Jimmy was introduced to the world of music production through this work. He swiftly moved from cleaning the studios to assisting with fundamental production tasks. Ray Cicala, one of the engineers who taught Jimmy the ropes, had an impressive customer and job list.
Early in the 1970s, Ray called Jimmy on Easter morning and asked if he could come to the studio to assist an artist. Jimmy hurried to Record Plant Studios after his mother chastised him for missing Easter church services when he soon discovered that the artist wasn’t just any artist. John Lennon appeared.
Net Worth Of Jimmy Iovine
Jimmy Iovine is an American music producer and businessman with a $1 billion net worth. Jimmy made his first wealth as a co-founder of Interscope Records, a hip-hop label that enjoyed great success, particularly in the 1990s and 2000s, thanks to musicians like Dr. Dre, Tupac, Snoop Dogg, and Eminem.
He later made a second fortune as the co-founder of Beats Electronics, which Apple purchased in May 2014 for $3 billion.
Dr. Dre and Jimmy each received $750 million before taxes (approximately $580 million after taxes) at the Apple acquisition, which included $2.6 billion in cash and $400 million in stock because they each owned 25% of the business.
The hiring of Jimmy as an executive to assist them in navigating the media industry during future talks over music and video license deals was one of the primary reasons Apple was interested in the acquisition in the first place.
Career Of Jimmy Iovine
In the early 1970s, Jimmy Iovine trained as a recording engineer and began working with artists like John Lennon and Bruce Springsteen. In 1973, Iovine joined the staff of the Record Plant in New York, where he contributed to the albums Born to Run by Bruce Springsteen and Bat Out of Hell by Meat Loaf. His contributions to the 1978 Patti Smith album Easter, which featured her Top 40 single “Because of the Night,” helped him gain notoriety.
On Damn the Torpedoes and Rattle and Hum, Iovine collaborated with Tom Petty, the Heartbreakers, and U2. In addition, Iovine produced Get Close for The Pretenders, Making Movies for Dire Straits, and Bella Donna, Stevie Nicks’ debut solo album.
He worked as the sound engineer for the pair of phonograph recordings known as the Voyager Golden Records, which were carried into space aboard the Voyager spacecraft in 1977. Iovine also approved the music for the comedies Scrooged from 1988 and the 1984 romance Sixteen Candles.
Iovine helped establish Interscope Records in 1990. After a merger with Geffen A&M in 1999, Interscope Records became Interscope Geffen A&M. One of the first hip-hop talents to sign with the Interscope label was Tupac Shakur, who Iovine gave a recording deal in 1991.
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Personal Life Of Jimmy Iovine
Iovine started dating singer Stevie Nicks when he was working on her record, Bella Donna. They parted ways in 1982. Nicks referred to him in the Fleetwood Mac song “Straight Back,” which can be found on the album Mirage. Iovine was the idea for one of Nicks’ hallmark songs, “Edge of Seventeen,” she claims.
According to Nicks, Iovine’s depression following the passing of his close friend John Lennon eventually caused their relationship to cease. However, “Edge of Seventeen” was developed as a result of the intense emotion of the period.
Vicki Iovine, a writer, attorney, and model, and Jimmy Iovine were wed for 24 years before being divorced; they had four kids together.
Jimmy Iovine and Liberty Ross, with whom he is married, began dating in 2014. In front of their Malibu beach property, the couple wed on Valentine’s Day of 2016. Friends and family were there. The ceremony was “the blackest wedding with a Rabbi he had ever seen,” according to Sean Combs.
Frequently Asked Questions
What is Jimmy Iovine’s Net Worth?
Jimmy Iovine’s Net Worth in 2015: $800 Million
On Our First List of Hollywood’s Wealthiest Power Brokers, Published in the Forbes Magazine Issue of September 7, 2015, Jimmy Iovine is Ranked Number 13.
What is Jimmy Levine’s Age?
69 Years (March 11, 1953)
Jimmy Iovine and Dr. Dre, Are They Close Friends?
After Apple Purchased Their Business Beats for an Estimated $3 Billion in 2014, Dre and Iovine Became Billionaires, According to Variety. The Acclaimed Hbo Docuseries “The Defiant Ones” From 2017 Explored Iovine and Dre’s Friendship and Business Alliances.