Jimmy Iovine has joined the Board of Live Nation Entertainment as independent director.
Iovine is the co-founder of both Beats Electronics and Beats Music – born in 2006 and sold to Apple earlier this year for $3 billion.
He is also the co-founder of Interscope Records, owned by Universal Music, but no longer works at the label. Iovine co-founded Interscope in 1990, which became Interscope Geffen A&M after a merger in 1999.
Live Nation said it would ‘look to harness Iovine’s entrepreneurial experience creating new business models in the music industry, knowledge of brand building and insight into marketing to music fans’.
“Jimmy is an extraordinarily gifted arbiter of culture who understands brands and creating compelling new products and services. He will add an important voice to our board of directors as we look to continue to accelerate Live Nation’s growth plans,” said Greg Maffei, chairman of the Live Nation Board of Directors.
“Jimmy is a great addition to the Board and will be a tremendous asset for me and the rest of the management team. He has been at the forefront of innovation in the entertainment industry for decades, and as an entrepreneur, he has combined business inventiveness and marketing prowess with a deep understanding of the music fan to develop and deliver some of the most sought after artist-oriented consumer products and experiences.
“This expertise will help Live Nation as we continue to discover new ways to attract and engage the live music fan,” said Michael Rapino, president and chief executive officer of Live Nation.
“Live Nation has put together the right management team and incredible assets to really be effective in the new music economy,” said Iovine.Music Business Worldwide