Well technically it not going away but it is being renamed to #Kodi Entertainment Center
XBMC or Xbox Media Center has been around for a long time. It is best known for being the media player that out shines all other in its class, plus being about to play just about every format that you throw at it.
" We are excited to announce that the media center software we’ve all loved for so many years will have a new name, starting with version 14. Instead of XBMC 14, we’d like to introduce you to Kodi 14.
Since 2002, the software known as XBMC has gone through three namings. First, it was called Xbox Media Player. Upon realizing that it did a bit more than your traditional media player, in 2004 the development team elected to rename it Xbox Media Center. A mere 4 years later in 2008, the team once again elected to rename the software to simply XBMC, given that it had moved on from its original roots on the Xbox. Support for the Xbox was dropped shortly thereafter. Today it’s all happening one last time.
Six years have passed since the Xbox Media Center became XBMC, and simply put, “XBMC” fits less now than it did even in 2008. The software only barely runs on the original Xbox, and then only because some clever developers are still hacking on that platform. It has never run on the Xbox 360 or Xbox One.
Furthermore, while the software still acts as a media center, it also hosts addons, loads games, streams content to and from numerous devices, and can ultimately act as a complete replacement for whatever platform it is hosted on. Indeed, XBMC today is far more an Entertainment Center than a simple Media Center.
In essence both the “XB” and “MC” simply don’t make a whole lot of sense any more." - XBMC.org