Actually, Snapchat has been around for a long time now - year 2012 to be exact. However, due to a sudden spike in its popularity, Instagram hopped onto the bandwagon and offered Instagram Stories that is basically a Snapchat lookalike. Now, apparently, according to Bloomberg News, Apple is reportedly testing an app that is creepily similar to Snapchat, where you can record viddes and apply filters and drawings to then share it on social media or to those in your contact list.

It is rumored that videos from the app can be shot, edited and uploaded in less than one minute. So far, the prototype features Instagram-like square 1:1 ratio for videos, and the capability to send it to contacts or sync with other social media. So far, this app has not been named yet, however, the team behind this app is the same team responsible for Final Cut Pro and iMovie. 

This app is targeted to be released in 2017 together with some new social networking features for the iPhone, with possible social integration within Apple's iOS that will allow you to easily share to contacts system-wide. However, due to Apple's stringent privacy and security policies, we might not see these social integrations as it will expose too much of its user's data. This Snapchat-like app might also be killed off if it doesn't meet Apple's timetable and expectations. 

Source: The Verge, Bloomberg News