Apple Enters Social Media Race To Crush Facebook, Snapchat

Caroline Diana

In 2010, Apple unveiled a social media app called Ping. It failed miserably, and Apple wasn't concerned. The company decided not to pursue the project.

At the time, social media platforms like Facebook and Twitter were just beginning to garner users. Facebook was 6-years-old and Twitter was just four.

A lot has changed since then. Apple has now decided that it could not longer be laid-back. The iPhone maker is once again keen on entering the social media rat race. This time, it doesn't want to lose.

According to reports, Apple is now working on a social media app. Apparently, the company's objective is to target teens and young adults who are currently spending their time on Instagram, Snapchat, and Facebook. Apple, therefore, is reportedly working on a social media app along the lines of Facebook and Snapchat -- or something even better.

Considering more videos are shared on Facebook, Instagram, and Twitter, Apple, according to Bloomberg, is developing a video-sharing and editing app. Sources close to the project revealed that the app is now complete and that Apple is testing its features on iPhone and iPad.

Last December, Apple hired Joe Weil, the former president of a New York-based video production company, to lead the vision for the project, sources said. Weil co-developed KnowMe, a video blogging app.

If Bloomberg sources are to be believed, Apple's new social media app is also being developed in the same department that developed the most popular Final Cut Pro and iMovie software.

Knowing Apple, the app will not just be a clone of Snapchat or Instagram. Apple, which is obsessed with perfection, is bound to offer a rich user experience. The new app will hopefully add more than just smileys and videos.

According to Apple insiders, the company is losing out on its hardware business. The company recently had a legal brawl with the FBI. China too was giving Apple a tough time, owing to which Apple lost its lion's share of revenue. Therefore, the company's CEO, Tim Cook, is looking at other venues, such as App Store and iCloud Storage, to generate revenue.

Simultaneously, Apple is also working on technologies pertaining to virtual reality and augmented reality. According to a recent report, Apple is gung-ho about a new-fangled technology that combines for VR and AR. The company has hired a secret team comprising several scientists and experts to create the next big game changer. As always, Apple's objective is to create a device that will outperform Facebook's Oculus Rift and Microsoft's HoloLens.

Apple is also gearing up for its new iPhone launch in September. According to recent reports, the smartphone maker will release iPhone 7 next month. The state-of-the-art smartphone will be unveiled on September 7, according to a report by Bloomberg. Going by the patents filed over the recent years, Apple will reveal a whole lot of futuristic technology smartly packed in its new iPhone 7.

Reportedly, Apple's new 3D display will project a hologram image via lasers, enabling Apple users to interact with this projected image.

Last year, Cody Willard, chairman of Scutify, announced that Apple's next big feature will be more likely be a projector or holographic effect that will display an image above the watch's display.

Cody told Benzinga that Apple is developing bigger and better features that could be rolled out within the next two to five years.

The countdown has already begun for the Apple iPhone launch. Apple loyalists are keeping their fingers crossed.

[Photo by Fotolia/AP Images]