Apple Getting ‘Fancy’ with Social Media?

According to the biggest rumor in the social media space today, Apple is said to be in talks to acquire a social network.

For Apple, such a move would be the company’s second attempt to go social.

Ping – the social media service launched and operated by the tech giant – is definitely on the short list of Apple inventions that simply didn’t resonate with the masses.

As a result, sources close to the iPhone maker say that Apple will effectively kill the entire Ping platform in a subsequent iTunes update before 2012 comes to a close.

In its place? Fancy – an upstart social commerce site supported by the co-founders of Twitter and Facebook, Business Insider reported late Wednesday.

The objective: to secure a role for Apple in the growing e-commerce market, putting the 400 million-plus users with credit cards on file with Apple’s iTunes Store to work shopping—with Apple getting a cut of the action.

According to the original report, there is no signed deal and no guarantee that a deal will happen.

But the rumor mill suggests it’s happening. Stay tuned.

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