Apple has confirmed that it will not shut down the streaming music service Beats Music it acquired in May.

Following a Techcrunch report that confirmed Apple's decision to shut down Beats Music, Apple's spokesperson, Tom Neumayr contradicting the report in an interview with Mashable said, "It's not true."

Sources close to the matter in a phone interview with Mashable confirmed that the American multinational corporation, Apple Inc. is deciding if they should rename Beats Music in order to bring the subscription based online music streaming service closer to other brands which are already operated by the company.

Sources who requested not to be named as they aren't accredited to comment on the speculations revealed that addition of exclusive music, new features and design are amid the few changes Apple is considering for the recently acquired Beat Music. The Cupertino company might also consider changing the technology behind Beats Music which is identical to Spotify, Rdio and other streaming music services where you get unlimited access to songs by paying $10 per month.

Apple paid around $3 billion in May and bought Beats music, a streaming service started by Jimmy Iovine and Dr. Dre. Apple CEO Tim Cook while talking to Charlie Rose said that he "couldn't sleep" after listening to it for the first time. He was extremely impressed with Beats Music and it seems like Apple is more likely to incorporate technology behind Beats Music into iTunes or iTunes Radio.

Following an update on Apple TV set-top box last week, the new Beats Music app acquired an eye-catching placement on screen. Moreover, users can sign up for two-weeks of free trials of Beats Music through the Apple TV app.

Beats Music costs $9.99 per month or $99 for a year. Unlike Spotify, an advertising-supported version is not offered by Beats Music.

The service which launched in U.S.A on January 21, 2014 produces headphones which are extremely popular with young people; however, it only had a few hundred thousand subscribers at the time it was bought.