Iovine Exits Universal Music Group To Run Limewire

[DudeAsInCool]

Famous for being in the right place at the right time, as of June 1st, Jimmy Iovine will no longer be employed by Universal Music. He is ankling the firm to return to New York City to run LimeWire, the P2P service based on the Gnutella protocol.

Two factors seem to have triggered Jimmy’s departure, the radical drop in CD sales and his kids’ reaction to the RIAA lawsuits. Always in touch with the younger generation, the true Dick Clark, Jimmy thought it was time to get out while the getting was good. His move reminds one of nothing so much as that old Graham Parker chestnut, crawling from the wreckage into a brand new car.

...The future has finally arrived. And contrary to all the spin, it was not brought to you by Steve Jobs, but someone from the music business, who understands relationships, who understands musicians, who understands the audience. Mark April 1st down on your calendar as the day the music business was saved.

The Lefsetz Letter