Said to sport a bigger, curved phablet-like display with "enhanced sensors," the new phone may be able to detect "different levels of pressure" of tactile finger touching when interacting with its surface. Apple may also attempt to catch up to Android in terms of phone size, with the curved phone likely ranging from 4.7 to 5.5-inches in screen size for two separate models, respectively.
Although phablets like Samsung's Galaxy Note 3 have proven to be a big hit amongst users, Apple has been reluctant to release an iPhone with a screen larger than 4-inches. It's believed the company strongly feels 4-inches is the ideal size for one-handed operation.
If Bloomberg's report turns out to be true, Apple's next iPhone will likely compete with other curved smartphones such as the Samsung Galaxy Round and LG G Flex. For what it's worth, a curved iPhone has been rumored since 2011.
Currently, the plans for the curved phones are reportedly still in development, with a projected release in the "third quarter of next year." Of course, it's all still speculation, so take the news with a huge grain of salt.