Snapchat owner Snap is rumoured to be building its own drone, as it seeks new sources of revenue ahead of its initial public offering (IPO).

According to The New York Times , which cited three people briefed on the project, the Snapchat drone would allow users of the popular selfie-sharing app to take photographs of themselves from the air.

This is not a new concept - plenty of companies have developed their own selfie drones - but it could give Snapchat a way to differentiate itself from other social networks such as Facebook, which are continuously copying its products.

Snap was reportedly in talks with Lily Robotics last year about a possible deal. The company makes a camera drone that flies itself, and follows the user around thanks to a GPS tracking device worn on their wrist.

Lily Robotics drone

A deal was never made, but this is yet more evidence that Snap is looking at ways to transform itself from an app developer into a modern-day camera company.

Last month, Snap filed paperwork for an initial public offering (IPO), in which it described itself as a "camera company", and repeatedly referred to "hardware" as a possible source of future revenue.

"We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate," the company stated.

Snapchat introduces high-tech glasses
Snapchat Spectacles

Snap currently only has one hardware product - a pair of high-tech sunglasses with a built-in camera, called Spectacles - which launched in the US last year .

The company is also rumoured to be working on an Android smartphone capable of taking 360-degree selfies.

Snap is set to officially reveal the price of its shares today, after the close of the financial markets, with trading to begin in earnest on Thursday morning between 16:00 and 16:30 GMT.

Evan Speigel, chief executive of Snapchat

The company has been trying to shore up support for the IPO with presentations targeting potential investors during its recent roadshow.

Snap is expected to price its shares between $14 and $16. This could help it raise as much as $3.2 billion, with the company's valuation ranging from $19.5 billion to $22.3 billion.

Snapchat lowered its target valuation ahead of its IPO roadshow, in part due to investor concerns about slowing growth and competition from Instagram.