Washington, April 26 -- Producer and songwriter Jimmy Jam shared fresh memories of Michael Jackson and Prince, saying the two global icons may have been competitive, but they also had deep respect for each other.

Jam, who worked closely with both stars, spoke to PEOPLE at the Hollywood premiere of Michael . During the interaction, he reflected on the relationship between the late singers and how differently they approached their music.

According to Jimmy Jam, both artists wanted to be the best, but there was no lack of admiration between them. He said they were rivals on the charts, yet they respected one another's talent and work.

"Probably were both competitive, but they also were very respectful of each other," he said.

He also sha...