Facebook’s big announcement: Instagram Video

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Video has arrived on Facebook’s Instagram! Yes — Facebook owns Instagram, remember? They bought the photo-sharing site last year for $1 billion.

The big reveal happened at a press event today. Simply update the Instagram app on your iPhone or Android phone, and the video capturing feature will appear as an option when you go to take a photo.

Instagram videos can be 3 to 15 seconds long, and like Instagram photos, you can use one of 13 filters on your video. Some editing to your videos is possible, and you can set the cover photo for your video. Publish it and they’ll appear just like photos in your Instagram feed.

But the coolest feature of Instagram video is called “Cinema.” With Instagram video, you can stabilize shaky footage. As of writing this post, Cinema is only available on iPhone4s and iPhone5.

So now the question becomes — what about Vine? The 6-second video sharing site was launched by Twitter just a few months ago, and it has quite a following. But will Instagram video replace it? I’m not sure, but I think that there could be space for both video sharing sties.

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