Bloomberg:

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.

The early plans are part of a newly directed focus to integrate social networking applications within Apple’s mobile products and are a response to the success of social media-focused companies such as Facebook Inc. and Snapchat Inc., according to people familiar with Apple’s strategy. An Apple spokeswoman declined to comment.

And:

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. 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.

It’s easy to be skeptical when you read Apple and social in the same sentence. Brings back memories of Ping and Connect and the potential of what could have been. But photo and video have long been in Apple’s sweet spot. Getting social right is tough, a bit like catching lightning in a bottle.

No matter, if and when this emerges from the secret lab, sign me up.