"We've come a really long way in just eight years, and it's thanks to this incredible community. that we've been able to launch IGTV", Instagram CEO Kevin Systrom said on stage at the event in San Francisco.
IGTV is not for shooting live video from within the Instagram app: you can only post pre-shot video from your phone, and only vertical video. The entertainment hub, titled IGTV, will allow its users to upload videos up to one hour long and will feature content from some of the social media industry's top stars. When you open the app it automatically starts playing videos from people you follow.
Instagram TV vs YouTubeIGTV makes finding content easy.
While Facebook offers no detailed revenue breakdown, eMarketer estimates Instagram will generate $5.48 billion in net USA ad revenue this year, up 70.4 percent from last year and accounting for more than one-fourth of Facebook's net mobile ad revenue.
Instagram, which was founded in 2010 as a photo-sharing app, has surpassed 1 billion users, Systrom said. "I'm still going to be posting on YouTube as well as on Instagram", she told reporters.
Systrom announced the launch of the IGTV platform which will have a separate smartphone app or can be watched from Instagram.More news: Uruguay win ends Saudi Arabia, Egypt hopes at World Cup
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Uploading a video is as simple as going to the profile screen and selecting a video from your camera roll, just like you would've done with the original Instagram.
IGTV's programming format will consist exclusively of vertical video created to fill the entire screen of smartphones - the devices that are emerging as the main way younger people watch video. To jump-start the service, Instagram asked hundreds of prominent users including Kim Kardashian West, Kevin Hart and Selena Gomez to post videos to the service.
While there are no advertisements on IGTV at launch, Systrom was clear that there would likely be in the future.
Rumors have circulated over the past few months suggesting that Instagram was preparing to allow longer videos on its platform. She briefly took the stage to preview an informal cooking show she plans to launch on IGTV.
There will be a standalone IGTV app, as well as an IGTV experience built into the main Instagram app. Systrom said IGTV will be available today for Android and iOS, and will also be available through an update in the Instagram app. "There will be a way for creators to make a living".