Apple Inc. is reportedly developing a new app for iPhones and iPads that Bloomberg News reported will enable users to create, edit, and share video content with their social network, all in under a minute. Bloomberg also reported that Apple will include filters and various animation features in the app. If this sounds a lot like Snapchat, that's because it basically is the exact same thing—but made by Apple.

According to Bloomberg, plans for the app are in the early stages, but Apple wants to take advantage of the popularity of video editing and sharing apps such as Snapchat and integrate them into iPhones and iPads. Apple is reportedly eager to integrate its own social media apps into their software.

Bloomberg noted that Apple has unsuccessfully attempted to integrate its own social media apps in the past, citing Ping, a platform Apple tried out in 2010 that allowed users to share their iTunes activity with friends. 

Apple has recently announced other enhancements to existing apps, such as new features that will become available in iMessage, Bloomberg reported. A new update to Apple's messaging app will incorporate animated graphics, building on the library of emojis available to use in messaging. 

Snapchat came out in September of 2011 and quickly became extremely popular. Snapchat currently has 150 million daily users, according to Bloomberg, making it more popular than Twitter. Forbes reported that Snapchat is worth about $20 billion. Whether or not Apple will have any luck competing with Snapchat remains to be seen.