Instagram Unveils Video
NEW YORK (TheStreet) -- Facebook
The app, available for both Apple's
Instagram has become a phenomenon since Facebook acquired it last year. CEO Kevin Systrom said the product is simple and beautiful and possesses a key differentiator in its community. Instagram is a tool that can take meaningful moments in the world and capture them forever, Systrom said during the event.
"Instagram is a way to stay connected," he said.
Instagram, which now has more than 130 million active users on the platform every month, is a ""collection of ideas and inspiration best shared by you." Over 16 billion photos have been shared on Instagram, with over 1 billion likes every single day.
Video now comes with an additional 13 custom filters specifically used for the video component of the social network.
Instagram also announced a new feature called Cinema, which allows users to get rid of the shaky component some iPhone users have. Apple's camera does not currently feature image stabilization, which Cinema now cures.
Rumors bandied about earlier this week that the world's largest social network would launch a competitor to Vine, Twitter's popular six-second video sharing social network.
Facebook shares were moving lower Thursday, falling 1.92% to $23.84.
--Written by Chris Ciaccia in New York
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