Yahoo Finance Everyone Is Trying to Be Snapchat -- Even Apple Inc., Report Says (AAPL)
Apple Inc. (AAPL) is home to many social networking apps on its signature devices, though a new report suggests it could be vying for a social media stake in its own right.
Beyond Apple's previously announced updated iMessage, the technology titan is working on its own Snapchat-like video sharing app, Bloomberg reports citing unnamed sources. This would include video-recording capability with accompanying filters and ability to draw on it. If these designs pan out, you could take, edit and post a video under a minute.
According to these sources, this straightforward video editing capability is geared at the Snapchat and Instagram generation. While Apple envisions this as an individual app in the App Store, it could also be built into the iPhone's camera. The company anticipates a 2017 release, though the project may not make it if it fails to hit deadlines and what Apple expects.
The team developing the product also created Final Cut Pro and iMovie software, per Bloomberg's sources. An Apple spokeswoman didn't comment for Bloomberg' story.
Bloomberg also highlighted another effort from Apple regarding social networking that could potentially surface: An updated "proactive assistance" feature. According to one of the sources, Apple wants to make connections to contacts stronger.
This report indicates apparently everyone is trying to get into Snapchat's game. Facebook's (FB) Instagram launched its own product, Instagram Stories, that evidently took inspiration from Snapchat's Stories feature. This reported Gen Z focus from Apple would align consistent with its tech peers, and a potential seamless integration within its existing camera feature could make the function that much easier for consumer adaptation.
AAPL stock is up 2.6 percent on the year.
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