Apple Acquiring Streaming Video Company Color Labs

According to The Next Web’s report, Apple is acquiring Color Labs, startup, which raised $41 million of financing even before its launch last year. The company appeared as a photo sharing service that has in time transformed into a streaming video service.

Color Labs was created by Bill Nguyen, who also founded a streaming music service Lala Media that was acquired by Apple in 2009. The report speculates on the Apple’s reasons for acquiring Color Labs:

“As to why they’d want Color Labs? We would look to Color’s patents, which may include ones for a file format that they were working on to record HD video. Or it’s software engineering team, if Apple was impressed by their work”.

Apple and Color Labs have not yet offered their comments on the situation.