Social Media

Apple developing video sharing app, report says

Regis Duvignau | Reuters

Apple is working on an app that combines elements of Snapchat, Instagram, iMovie and Vine, Bloomberg reported on Thursday.

The application would allow users to record and edit a video, apply a filter and share it in under one minute, people familiar with Apple's strategy told Bloomberg. Based on prototypes, the app could have filters similar to Snapchat and a square shape like Instagram to let users shoot the video with one hand, Bloomberg said.

It may come as a stand-alone app or part of the iPhone's existing camera application, and could let users share with contacts or on other social networks, according to Bloomberg. Apple declined to comment to CNBC, citing a policy against responding to rumor and speculation.

The iPhone-maker has increasingly focused on the App Store as its services revenue reaches the size of a Fortune 100 company, outpacing the growth of some devices. At its developer conference this year, the company announced a revamped messaging service that will include music, automated "emoji-fying," ephemeral secret messages and a reply system similar to Facebook's "like."

But it comes as the App Store's top downloads are increasingly dominated by entrenched incumbents, like Facebook, that have warded off competition the social media space.

Read the full Bloomberg report here.