It seems that Facebook and Instagram may not be the only companies hoping to emulate Snapchat’s success in social video.

Apple is also reportedly working on a video sharing and editing app that will allow iPhone users to record videos, apply filters and drawings, and share them with friends and family.

The software is designed to be used mostly with one hand, so that video can be shot, edited and uploaded in less than a minute, people familiar with Apple’s strategy told

At least one of the prototype designs for the app would enable users to shoot video in an Instagram-like square format, the people said

The video sharing app is still in the early stages of development, but Apple is reportedly aiming for a 2017 release. It the project doesn’t meet the company’s expectations within that timeframe, it could be killed off.

The news comes after Facebook-owned Instagram announced a major update to its mobile app , allowing users to create temporary posts with text and emoji that will expire after just 24 hours.

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Instagram claims the new “Stories” feature gives users a way to share multiple photos and videos throughout the day, without cluttering up their friends’ photo feeds.

Rather than being added to your main feed, these posts will be gathered together in a slideshow format, known as “Your Story”.

However, users have pointed out the many similarities between Instagram Stories and Snapchat, and even Instagram boss Kevin Systrom has admitted that Snapchat “deserves all the credit”.

Facebook has also launched a new mobile app called Lifestage , that lets teenagers create video profiles and share snippets with their friends.

Apple has failed to successfully launch social media services in the past, including an iTunes-focused social network called Ping in 2010.

However, as iPhone sales slow, the company is increasingly looking to develop software and services that will appeal to younger users.

If the company manages to stick to its timetable, we could see this new app making its debut at Apple’s Worldwide Developer Conference next June.