WHAT’S BEING CLAIMED:
- Facebook-owned Instagram is launching a new hub for long-frame, vertical video.
- During a press event on Wednesday, Instagram made the announcement on the new feature.
- IGTV is what they call the new hub and it will be within the regular Instagram app but soon, it will get its own standalone app.
Everyone can post on IGTV, but only users who have at least 10,000 followers can post hour long videos. Users with lesser followers can only post up to 10 minutes of videos. Previously, Instagram’s limit was 1 minute of video posts.
Instagram has selected celebrities like Kim Kardashian West and Selena Gomez to be the first to upload longer-form videos to their accounts on Wednesday. What’s more, CEO Kevin Systrom reported a company milestone—Instagram now has 1 billion monthly active users, a big increase from 800 million active users in September.
IGTV is quite similar to Snapchat’s Discover page, which shows stories from publishers and creators, and complements posts from its community. Snapchat’s parent company, Snap, started Discover in 2015 with various media partners, such as CNN and Buzzfeed. Publishers were paid for licensing fees until Snap moved to an ad-based model only.
“Ads will not be part of IGTV at launch, but we’ll be exploring and test ways to help creators monetize after launch,” a representative told CNNMoney.
IGTV is being compared by experts to Google-owned video platform Youtube.
Rich Greenfield, a media and technology analyst of BTIG, said that Instagram users were already utilizing the Stories feature to connect out to YouTube to guide supporters to longer-frame recordings.
“Now, Instagram can keep that in-house, and drive greater engagement and time spent. I think this is a natural evolution from pictures to video, to stories and now to long-form video to capture as much human attention as possible,” Greenfield told CNNMoney.
According to Instagram, users are now spending more time browsing photos and videos, even memes. Users below 25 spend over half an hour on the app, while users age 25 and older use the app for over 24 minutes.
With the launch of IGTV, Instagram users are expected to spend more time on the platform. Systrom said the company will introduce a tool that will keep track on the time spent on the app.
Source: CNN Money