MUMBAI: Beats Electronics and Beats Music's co-founder Jimmy Iovine has been appointed as new independent director on the board of Live Nation Entertainment. He took up the position of the director with immediate effect from 2 December 2014.

The board will look at using Iovine's entrepreneurial experience to create new business models in the music industry. His knowledge of brand building and insight into marketing will be exploited by the board.

Iovine music career started in 1990. He was the co-founder of Interscope Records, which became Interscope Geffen A&M after a merger in 1999. Under him, the label was widely regarded as the home of music's greatest artistes.

His last undertaking started in 2006 with Dr. Dre. He teamed-up with 'Let Me Ride' rapper to co-found Beats Electronics, a company which produces audio products and operates a music streaming service. He was also a mentor for 'American Idol' participants who released their album under Interscope. Iovine has been honoured by various organisations for his achievement in music industry.

"Live Nation has put together the right management team and incredible assets to really be effective in the new music economy," said Iovine.

Live Nation president and chief executive officer Michael Rapino said, "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."