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April 10, 2007
3:45 PM -- This news item comes to me from my rapper/pundit/music friend:
The Lefsetz Letter is reporting that Interscope boss and Dr. Dre industry connection Jimmy Iovine will be leaving that position to head filesharing giant Limewire. Lefsetz posits that Jimmy will set up the network as a subscription service for unlimited access to DRM-free music, with labels compensated upfront with a cut of the profits.
Take this with a grain of salt, as the post is dated 4/1 and doesn't seem to be showing up anywhere else. But it seems feasible, doesn't it?
Sure, bro. Why not? I could see Iovine moving some more rap artists into a different business model and taking meetings in Silicon Valley. I would love to see the meetings between the rapper-management set and the VCs on Sand Hill Road. "Hey man, we want to jam knock the file sharing and rip some serious notes, dig?"
— R. Scott Raynovich, Editor in Chief, Light Reading
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