Apple developing a 'social video app' to take on Snapchat and Instagram

Apple is reportedly testing a new video sharing and editing application for its iPhone and iPad operating system to take on Snapchat and Instagram.

The app takes a page from both social networks, as it allows users to record and edit video, apply filters, draw on media and share in under one minute.

Sources told Bloomberg that the app is ‘in the preliminary development stages’ and Apple is working to release it in 2017. 

This latest development is part of Apple’s newly directed focus to fuse its products with social media applications, which is in ‘response to the success of social media-focused companies such as Facebook Inc. and Snapchat Inc’, people familiar with Apple’s strategy toldBloomberg’s Mark Gurman.

DailyMail.com has contacted Apple for comment and has yet to hear a response.

Apple has dipped its toes in the social media industry before, but came out with little success.

In 2010, the Cupertino company released an iTunes focused social network and recommender system called Ping.

It was announced by Steve Job as being ‘sort of like Facebook and Twitter meet iTunes’, however the service was shut down in 2012 after its two million subscribers labeled it a flop.