Apple Inc. (AAPL) Lacks Innovation, Will Mimic Snapchat App

Apple Inc (NASDAQ:AAPL) Apps

Apple Inc. is working on a Snapchat-type video sharing app, according to Bloomberg. Recently, Apple has been painted as a company that is lacking in innovation. That is debatable, but some will classify this as another sign that the firm is running dry on original thought. Citing sources familiar with the company’s plans, Bloomberg reported that Apple is developing a video-sharing app similar to Snapchat. The app would allow users to quickly record, edit and share videos with family and friends.

Video-Sharing With Simple Editing

According to the report, Apple is working on a video sharing and editing app in bid to compete with social media companies such as Facebook and Snapchat. If you’re not familiar with Snapchat, it’s a mobile app that allows users to quickly capture video, apply filters, and send them off to friends.

Apple Inc. (AAPL) App

The video-sharing app, being developed by Apple, would let users record video, apply filters, and send out to friends and family on social networks, Fortune reported.

In addition, the app would allow users to send the videos to contacts stored on their devices. They would be able to send edited clips to others within a minute or less to contacts or via existing social networks such as Twitter, according to the people who wanted not to be disclosed because the plans are private.

Apple hired Joe Weil to lead the development team. Weil, who joined the company in December 2015, is a former developer of video-blogging app KnowMe.

The iPhone maker wants to develop an app with a simple video editing to attract the generation of users growing up with Snapchat and Instagram, the people said.

The video-sharing app would be a stand-alone app, presumably as a download via the App Store. However, the company may decide to add the functionality to the iPhone’s existing camera app, according to the people.

Apple Inc. is planning to release the video-sharing app next year, the unnamed people said, adding that the company could kill the project if it doesn’t meet its expectations. In the past, the company has failed to launch social-media services, including an iTunes-focused social network called Ping in 2010.

Apple Services Revenue Growing

Apple’s services business is a fastest-growing and highest-margin segment, according to a report published in Financial Post.

Due to the slowing growth of its hardware business, the company is focusing on services business to generate increased revenue. Now, the tech giant highlights the services business as the second-most important revenue generator on its earnings calls, according to the report.

Ben Schachter at Macquaire Capital believes that the contribution from services gross margins will double its contribution from revenue by fiscal 2017. The analyst expects the services will account for 12% of the company’s revenue and 25% of gross profit by 2017, with those numbers growing to 16% and 35%, respectively, by fiscal 2020.

In addition to its video sharing app, Apple Inc. has developed multiple social-related features for its iPhone and iPad over the past year, according to people familiar with the matter. It seems that the company is in the process of testing those features.

In other news, Apple’s ongoing research into machine learning enable it to improve and save Siri, which wasn’t performing as advertised. Recently, the company’s co-founder Steve Wozniak urged the firm to reconsider its decision of removing the audio jack from its iPhone 7.

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