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Instagram debuts IGTV

A couple of weeks ago, we wrote about a rumor that was going round about instagram launching a feature to host curated, long-form videos in its app.

Well, the rumor has just been proven true.

On wednesday, at an event in San Francisco, Instagram made its new video hub official. As expected, this is all about giving certain users the ability to upload videos that are longer than a minute (up to an hour), in a dedicated space that will be called IGVT.

The service plans to feature videos from rising internet celebrities, artists and pets, some of whom have tens of millions of social media followers.

“Teens are now watching 40 percent less TV than they did five years ago,” Instagram Chief Executive Kevin Systrom said at an event to announce the launch in San Francisco. “It’s time for video to move forward and evolve.”

Facebook shares rose 2.3 percent on Wednesday to $202.06 after earlier crossing the $200 mark for the first time.

Tech firms such as Facebook, Alphabet Inc’s (GOOGL.O) YouTube and Snap Inc’s (SNAP.N) Snapchat have been spending heavily to grow mobile video services that will attract both users and corporate brand advertising.

Courting stars to post videos is part of their strategies. Instagram said it has signed up personalities such as Lele Pons, who has 25 million Instagram followers, for IGTV.

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