IGTV is Instagram's take on social video

Instagram Announces IGTV An Entertainment Hub With Hour Long Videos And Content From Social Stars

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"Anyone can be a creator - you can upload your own IGTV videos in the app or on the web to start your own channel", Systrom said.

Following through on rumors from earlier this month, Instagram has launched a new long-form, vertical video platform called IGTV, a response to YouTube that will support videos up to 1-hour long. There are no ads on IGTV today, but that would be a "reasonable place to end up", Instagram CEO Kevin Systrom said at the event. Users also will have the privilege of receiving notifications from creators they are interested in.

Mobile first: IGTV is built for how you actually use your phone: vertical and full screen.

There will be a stand-alone IGTV app, but the content will also be available on the existing Instagram app.

Kim's latest China trip shows United States pressure easing after summit
North Korean leader Kim Jong Un shakes hands with US Secretary of State Mike Pompeo in Pyongyang , North Korea on May 9, 2018. The agreement provided few details on how the US and North Korea will achieve these goals.

Notably, the longer-form, vertical video service - which will work as a bolt-on feature to Instagram as well as having a standalone app of its own - is very important to parent company Facebook.

IGTV will be rolling out globally over the next few weeks on Android and iOS.

Instagram also takes up some space on their official website unveiling the new IGTV on how this impacts businesses, as it leverages its huge user base. Yesterday, a Facebook executive told Recode it would start running autoplay video ads in Messenger, another property launched as a kind of spinoff-app, this week.

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.

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