Picture sharing network, Instagram, on Wednesday launched a new mobile app for sharing user-generated videos called IGTV (Instagram TV). The app, which is expected to be a strong competition against online streaming services such as Youtube, as well as traditional television, will allow videos up to an hour long. Instagram Chief Executive, Kevin Systrom, said at the launch in San Francisco, “Teens are now watching 40 percent less TV than they did five years ago, it’s time for video to move forward and evolve.”
Facebook Inc, owner of social platforms Instagram and Whatsapp, recorded a remarkable share increase by 2.3 percent on the day of the announcement to $202.06 after only recently crossing the $200 mark for the first time since inception. Like other tech firms such as Alphabet Inc’s YouTube and Snap Inc’s Snapchat, Facebook has spent heavily on extensive researches and product development aimed at growing mobile video service and by so doing, attracts both users and corporate brand advertising.
Part of the strategy in place is getting celebrities and other superstars to post videos. The new service will start out featuring videos from internet celebrities and users with huge social media following. Among those signed so far is Venezuelan-American internet personality, actress, and singer Lele Pons, who has over 25 million Instagram followers.
IGTV will be available both on the Instagram app and as a separate app. It will not feature any adverts at launch but is expected to accommodate ads eventually. In the meantime, marketers will sign up stars for endorsement deals.
Instagram was bought by Facebook for $1 billion in 2012 and has grown by adding messaging and short video features. It introduced slideshows in 2016, as well as stories which are available for 24 hours and layout for creating a grid of multiple photos. According to Systrom, the photo-sharing app has surpassed 1 billion users since it started in 2010.
Feature image: popsugar.com