Apple is reportedly developing an iOS video editing app

Apple is looking to challenge two of its most successful App Store developers with a homegrown video editing application for iOS, according to a Bloomberg report. Both Facebook, with its Instagram property, and Snapchat are being targeted by the alleged program, which is said to be aiming for a 2017 release.

The goal of the app — which reportedly might still be rolled into the existing camera app as a new feature instead — is said to enable users to capture footage, edit it, add filters, and upload finished videos to social networks in under a minute.

With speed and ease-of-use being the primary guidelines, the app’s editing functionality would likely be limited to tasks like changing the orientation, adjusting playback speed, and trimming extraneous footage.

Bloomberg reports that the team working on the app is led by Joe Weil, hired in December 2015 after serving as president of a video production company. It’s supposedly being developed within the same department responsible for creating Final Cut Pro and iMovie, two other pieces of video-editing software.

The report cautions that, like any other Apple product in development, the project could be killed for any number of reasons. But with the company’s hardware business seeing signs of a slowdown, software and services become even more important ingredients in Apple’s recipe for success in the years ahead.