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NEW YORK (TheStreet) -- Apple (AAPL)  is said to be developing a video blogging app for the iPhone. The app will resemble a combination of Instagram and Snapchat and will allow users to shoot a video, edit it, and share it to any existing social networking site like Facebook (FB) or Twitter (TWTR) within one minute, Bloomberg News' Mark Gurman reported on "Bloomberg Markets" Thursday.

The video editing app is Apple's attempt to capitalize on the popularity of social media, Gurman noted. 

"This is more of Apple realizing that it created this so called pie in the app store that Snapchat and Facebook are taking a big chunk of, and Twitter as well in some respects, and now Apple wants a play in this social networking game as well with their own application," he explained. 

Apple doesn't have plans to monetize on the app right now because the app's main job is to cater to younger generations of Apple users, Gurman said. If consumers who grew up with social networking catch on to the app, then they may be more likely to buy an iPhone over an Android, he explained. 

The video app is expected to launch sometime next year when Apple is also expected to launch a 10th anniversary version of the iPhone. 

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TheStreet Ratings team rates Apple as a Buy with a ratings score of B+. This is driven by multiple strengths, which the team believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks the team covers.

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