Apple is reportedly creating a new app for iPhone and iPad users that will allow people to create, edit and share video content with others on the app in the blink of an eye. Additionally, the new Apple app will also include unique filters and other animation features, and yeah- Apple is basically set to build their own version of Snapchat.

Reports suggest the app is still in the infant stage but Apple is prepared to launch their own social media apps within their software, specifically to designed to take advantage of the growing Snapchat trend.

According to Bloomberg;

"The app is being developed in the same Apple department that developed Final Cut Pro and iMovie software."

"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."

Snapchat's been around since 2011 and few have attempted to copy their style, including Instagram's recent addition of IG Stories, but none of the copycat's can really compete with Snapchat's 150 million daily users, which is why they're still worth roughly $20 billion.