Snap is launching a video editing app called Story Studio

Viral videos across the web could now come with some Snapchat flare.

Snap announced at its Partner Summit Thursday that it is launching a free new app on iOS for video editing and trend insights "later this year." The app, called Story Studio, includes "frame-precise trimming, slicing, and cutting," access to a Snap-licensed music catalogue, visual effects and AR lenses, the ability to save projects, and more.

While the app's intended users are "creators," anyone can download it, make videos, and share the product to Snapchat or other apps.

We're betting, however, that Snapchat really hopes creators using the app will choose to upload their creations to Snap and its TikTok-competitor portion of the app, Spotlight.  Read more...