Snapchat and Instagram are about to face some form of competition from Apple.

According to Bloomberg, the company is working on a video-sharing app with features similar to those found in Snapchat and Instagram.

The app which will be released in 2017, will allow users to record a video, apply filters, draw on it and share it on social networks.

“Ease of use and quickness are paramount in the software’s design. Users can perform most of its functions with one hand — shooting, editing and uploading videos in less than a minute,” noted Bloomberg.

Like Instagram does, a version of the app allows users to shoot square video footage.

There is also a possibility that Apple may decide to merge the video-sharing app with a future version of its camera app.

The report further noted that Apple has hired Joe Weil, who co-developed the KnowMe video-blogging app, to lead the team on the project.

There are speculations that if Apple is developing an app similar to Snapchat, it could be a sign the company is concerned about growth.

“In a time when iPhone revenues are growing at a more earthly rate, Apple is looking for incremental revenue elsewhere,” said Andreas Scherer, managing partner at Salto Partners.

 



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