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(Pocket-lint) - Apple is getting into social networking again, but this time it's not about music. Instead, it's developing a video-sharing and editing app for iPhone and iPad.

According to Bloomberg, Apple wants to integrate social networking within its mobile products, especially after seeing the success of Facebook and Snapchat in recent years. The report cited "people familiar with Apple’s strategy". Keep in mind Apple's hardware business is slowing, and Tim Cook, Apple's CEO, is targeting services as a way to generate more revenue.

The thing is... Apple doesn't have a good history with social media services. Its iTunes social network, Ping, failed to take off, and it has greatly diminished the Connect social feature in Apple Music. This isn't stopping the company from developing its own features in order to remain relevant among younger users, however. Plus, it can't ignore how much time people spend on social.

Snapchat’s 150 million daily active users spend an average of 30 minutes per day on the app. So, Apple has begun developing a video-sharing app that allows users to record video, apply filters and drawings, and share their creations with contacts or followers via social networks such as Twitter. The app currently has a one-hand interface, for ease of use, and video can be shot, edited, and uploaded in 60 seconds.

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A prototype for the app even lets users shoot video in an Instagram-like square shape. Apple is hoping this upcoming app, which is being made by the Final Cut Pro and iMovie teams, will appeal to the generation of young users obsessed with Snapchat and Instagram. Apple also hired a former president of a New York-based video production company to head the project.

The reports noted this unnamed app is in "preliminary development stages", and that Apple is aiming for a 2017 release. The project could be killed, though.

Writing by Elyse Betters.