Report: Apple working on Snapchat-like video editing app

Snapchat and Instagram are the hottest apps among younger smartphone users. Naturally, all other tech companies are pushing to mimic that success.

The latest is Apple, according to Bloomberg, which is working on a social video editing app where users can record clips, then apply stickers or filters before sharing them to friends.

Users can share the videos with their contacts, or go through social networks including Twitter. The report says the development team behind Apple video apps Final Cut Pro and iMovie.

Apple would not be the only company using features found on social apps like Snapchat or Instagram. Twitter recently launched Stickers, allowing users to add them to photos they post. Meanwhile, Instagram introduced Stories to let users recap events of their lives from the past 24 hours.

There's good reason many companies are looking to Snapchat and Instagram for inspiration. According to an April survey from research firm Piper Jaffray, the two apps are far and away the most popular among teens, followed by Twitter and Facebook.

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