Sites are reporting that we may finally see the division of the iTunes app into multiple programs. This has already happened on iOS and tvOS, where separate TV, Music and Podcasts apps exist. So it wouldn’t be a surprising move.
The Music app would take over handling the local music library and Apple Music. The podcasts app would handle podcasts, naturally. The TV app would handle TV shows and movies, both purchased and rented. What remains to be seen is if purchases will move to the TV app, and if not how will they be handled. iOS has seen the iTunes app morph into the iTunes Store app, where you can purchase music and video. The same could happen on macOS. Also what remains to be seen is what happens to other minor functions of iTunes, like iPhone and iPod syncing and streaming radio stations.