After acquiring Beats for a record $3 billion earlier this year, Apple is reportedly planning to shut down the company's music streaming service Beats Music.

TechCrunch, citing several key sources with knowledge of the situation, is reporting many engineers for the subscription app have already been moved to other Apple products—including iTunes.

As many new iPhone 6 and iPhone 6 Plus owners have likely noticed by now, their devices didn't come with Beats Music pre-installed, as one might have expected following the acquisition.

It's also worth noting that although Apple didn't directly address Beats Music during its big event earlier this month, the forthcoming Apple Watch will apparently have another unannounced music streaming app.

This latest news follows a related report last month that Beats Music's CEO Ian Rogers will now oversee iTunes Radio.

Update: Apple spokesperson Tom Neumayr describes the TechCrunch story as "not true," according to re/code, which suggests the Beats Music brand may dissolve, while the streaming service would likely continue to exist in another form or by another name.