“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,” Mark Gurman and Alex Webb report for Bloomberg. “The company’s upcoming update of its mobile operating system, which will run on recent iPhone and iPad models, will include an overhauled messaging application aimed squarely at Facebook’s Messenger and Tencent Holdings Ltd.’s WeChat. The updated iMessage, which Apple announced in June, will include new animated effects like balloons and fireworks to illustrate text messages, an App Store with plug-ins for sending animated images and stickers, and tools to draw on top of photos and videos.”

“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,” Gurman and Webb report. “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’s current plan calls for its project to become a stand-alone app, presumably as a download via the App Store, but the company may decide to package the functionality into the iPhone’s existing camera application, the people said,” Gurman and Webb report. “Apple is striving for a 2017 release, the people said, adding that the project could be killed if it doesn’t meet the company’s timetable and expectations.”

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MacDailyNews Take: We’d love to see Apple finally succeed in social networking and digital photos and video – an area in which Apple is certainly a pioneer and a leader – would be a great place to start.