Apple announces Clips

I have always felt that Apple has struggled with social, despite being given golden opportunities to exploit their dominance in mobile, music, etc. I'm thinking back to Ping especially. Curious to see if Clips can do things differently.

Is there an actual event going on? I can't find it anywhere only pages saying its in march 2017.

A new social app for making and sharing fun social videos.<p>Why this unexpected announcement?