Apple is working on its own Snapchat Competitor

After Instagram joined in on the fun by incorporating “Stories” in one of its recent updates, it seems that Apple is working on creating its own answer to Snapchat. According to Bloomberg, Apple Inc. in seeking to capitalize on the popularity of social networks, is developing a video sharing and editing application and testing new […]

After Instagram joined in on the fun by incorporating “Stories” in one of its recent updates, it seems that Apple is working on creating its own answer to Snapchat.

According to Bloomberg, Apple Inc. in seeking to capitalize on the popularity of social networks, is developing a video sharing and editing application and testing new related features for its iPhone and iPad operating systems.

This is in line with its strategy to transition from its slow moving hardware business and redirecting to the company’s services business, such as the App Store and iCloud storage, as a way to generate increased revenue. This offering will also b clearly targeted at the more youthful demographic.

Nonetheless, any thoughts on this development from Apple?