iTunes Is Reportedly Shutting Down, So What Does It Mean For Your Music?

Social media has gone into panic mode after reports Apple is retiring iTunes.

Financial publication Bloomberg has blown the secret that Apple is retiring the classic music library.

Apple CEO Tim Cook is expected to make an official announcement on Tuesday at the Worldwide Developers Conference in San Jose.

iTunes was first released in 2001, after the 1998 program SoundJam MP was bought by Apple and rebranded. Apple simplified the user interface and added the ability to burn CDs to the program, which was first developed in 1998.

There are more than 800 million iTunes accounts around the world. In 2014, Cook confirmed that most of these had credit cards attached to them, but would not say how many accounts were active.

Social media went into meltdown after the iTunes rumours broke, with many asking the all-important question:  "What about my music?"

But those panicking can relax. Apple is expected to release three apps -- one each for music, TV and podcasts -- to replace iTunes.

The change is reportedly part of Apple's phase into a new generation of apps and software.

Photo: Getty

The aim is make devices more independent of each other, particularly Apple Watches, and lessen the need for computers by having apps that can be used on any device.

Bloomberg lists augmented reality and personal health management as key growth areas that Apple intend to target with its new apps.