Snapchat has wasted little time in becoming one of the hottest social platforms around, a fact that hasn’t gone unnoticed by both its competition and those looking for the next big thing. Apple, as it turns out, may be one of those interested parties.

Sources familiar with the matter tell Bloomberg that the Cupertino-based company is actively developing a video sharing app that would allow users to record video and apply filters and other fun markups after the fact. The teams behind iMovie and Final Cut Pro are reportedly working on it.

The project will become a standalone app, at least initially. Apple may at a later date bake some of the functionality into its existing camera application, sources say.

An Apple spokesperson declined to comment on the matter.

Apple’s interest in becoming more social shouldn’t come as a surprise (and in fact, is already under way). With sales of its iPad and iPhone cooling (but still very impressive), Tim Cook and company are actively looking to branch out into new markets to bolster their slowing revenue stream. As apps like Instagram, Snapchat and WhatsApp have shown, social media is hot right now and Apple wants its cut.

The company's next major mobile OS release, iOS 10, will come with a heavy dose of “social” features such as rich artwork and video capabilities in iMessage. And of course, there will be plenty of new emojis (they’ll even be recommended as predictive “text” as you type).

Barring any unforeseen circumstances, Apple will unveil its next batch of iPhones early next month before launching a couple of weeks later. The new video sharing app, however, won’t be ready until sometime in 2017 at the earliest.