UPDATE: Apple (AAPL) Plans to Shutter Beats Music

(Updated - September 22, 2014 4:52 PM EDT)

(Updated - September 22, 2014 4:43 PM EDT)

Apple (Nasdaq: AAPL) plans to shut Beats music streaming just months following its multibillion dollar acquisition.

TechCrunch reported that a slew of Beats Music engineers have been moved to different areas within Apple, according iTunes.

Notably, Apple didn't preload a Beats Music app with the iPhone 6/6+ and nothing was mentioned about the segment during the company's much-hyped September event a few weeks back.

Prior speculation had Apple simply wanting to make an 'acqui-hire' with Beats -- notably, to get Jimmy Iovine and Dr. Dre on board -- while also keeping the headphones unit alive. With iTunes running as strong as ever, it doesn't make sense for Apple to have fragmentation in the segment.

UPDATE - 9to5mac believes the rumors are false. The following was posted to Twitter on Monday afternoon:

Apple: "Not true" “@9to5mac: Apple is reportedly shutting down its Beats Music streaming service http://t.co/yImmEvsx1T”

— 9to5Mac  (@9to5mac) September 22, 2014

Also, Re/code is saying the same thing, citing an Apple PR rep.

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