Apple wants to compete directly with the likes of Snapchat and Instagram, and is reportedly developing a proprietary video-sharing app in an attempt to cater to young audiences.

The company acknowledges that social apps are the most engrossing pieces of software on the iPhone. Apple mentions that users spend up to 30 minutes daily on Snapchat for iOS, while Facebook users dedicate about 50 minutes a day on the mobile version of the app.

Bloomberg reports that the iPhone manufacturer is planning to bring out a simple video editing software packed with tools aimed to meet the needs of the young generation (read: those who see Snapchat and Instagram as integral to their lives).

Insiders from the company note that the project will be marketed either as an independent app, one that will presumably be downloaded from the App Store. However, there is the alternate possibility that Apple will embed the video-editing and sharing capabilities into its handsets' camera application.

In the rumored video sharing app, users will get free rein over recording videos, lacing them with filters, filling the media with their own drawings and sending the end product to personal contacts. Those who want to show off their visuals can do so and share their work with the whole world via social networks such as Twitter or Facebook.

The design team that is purportedly working on the app has simple yet challenging demands in its brief: the app should allow users to use it one-handedly and the videos should stay under a minute in length.

What is more, sources from the company note that Apple will pack some strong video editing experience into the project. This means that the development team that delivered the commended Final Cut Pro will be assigned to craft the app, with the ex-president of a video production company leading them into delivering a perfectly polished product.

Insiders familiar with the matter hinted that 2017 could be a realistic term for the release of the app. It should be noted that, as with many experiments cooked up in Apple's labs, the project could be booted.

Keep in mind that Apple has some bad experiences with launching social media services. In 2010, the company attempted to roll out an iTunes-focused social network dubbed Ping.

As Snapchat and Facebook's Instagram and Messenger apps keep bringing new features and ways to entertain their fans, Apple must come up with its own gimmicks to stay in the hearts and touch screens of young users.

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