Apple is Working on Snapchat-Like Video Filters

apple-aapl-logoTech titan Apple Inc. (NASDAQ:AAPL) is reportedly working on a video editing and sharing app to compete with red-hot social media startup Snapchat.

From Bloomberg:

Apple Inc., seeking to capitalize on the popularity of social networks, is developing a video sharing and editing application and is testing new related features for its iPhone and iPad operating systems.

The early plans are part of a newly directed focus to integrate social networking applications within Apple’s mobile products and are a response to the success of social media-focused companies such as Facebook Inc. and Snapchat Inc., according to people familiar with Apple’s strategy. An Apple spokeswoman declined to comment.

While Apple won’t be creating its own social network to share content, it will be taking a page directly out of Snapchat’s book and offering very similar filters:

Now Apple is starting to develop a video sharing app that allows users to record video, apply filters and drawings to the media — much like Snapchat does — and send it to contacts or via existing social networks such as Twitter Inc., according to the people familiar with its development. The software is currently being designed to be used mostly with one hand and with the intention that video could be shot, edited, and uploaded in less than 1 minute, the people said. At least one of the prototype designs for the app would shoot video in an Instagram-like square shape, one of the people said.

Apple joins Facebook in attempting to copy Snapchat, which has seen blockbuster success with its video filters and sharing tools.

With hardware sales and market share waning, Apple is looking elsewhere to boost engagement and hopefully revenue. There’s no timetable for when the new video features will be rolled out, but it’s unlikely they’d be included in next month’s big iPhone event.

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Apple shares fell $0.43 (-0.40%) to $107.60 in premarket trading Thursday. AAPL has gained 2.6% year-to-date, versus a 7% rise in the benchmark S&P 500 index in the same period.

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