Is Beats going broke under Apple?

For a moment, it seemed like Beats headphones were the hottest thing around, which is why it’s a little surprising to read that Apple may be “shuttering,” as they say, the brand.

Beats was founded by Dr. Dre and Interscope mogul Jimmy Iovine, and Variety tells us that “the Beats Music brand could be singing its last tune,” and the news was broken by TechCrunch, who claimed that staffers working on Beats have moved on to other departments at Apple.

While the Beats headphones became ubiquitous, Variety tells us that the Beats music system has been struggling against other companies like Spotify, Pandora, Rdio and Google Music.

Not long after this story appeared in Variety, Apple issued a denial to Billboard and The Hollywood Reporter. The company said reports that Beats was shutting down were “not true,” and another source said that Apple is “fully committed to offering a subscription service, though changes to any existing products are always a possibility.”