Systrom also revealed on Wednesday that Instagram now has 1 billion monthly active users - up from 800 million users last September. Through the new app, you'll be able to watch videos from people you follow and creators Instagram thinks you'll be interested in. Instagram already supports hour-long live streams, but videos you post to your profile can only be up to one minute long and story clips are capped at just 15 seconds.
Upon launching the app, videos will begin playing automatically and, as you'll quickly notice, all of them are shot in portrait orientation, so you don't have to rotate your phone to watch them in full screen. People will also be able to comment on the videos and send them to friends.
It's free and you can start recording videos by yourself right away, just download it from Google Play and register an account. We'll let you know when the Android app shows up.
Here's the IGTV video example we came up with around the Yahoo Finance newsroom on Wednesday.
The announcement was made at an event hosted by Instagram chief Kevin Systrom in San Francisco. The launch of IGTV offers the potential for an entirely new platform for Instagram ads - something that only sparks more interest in Instagram from advertisers wanting more affordable ad options.
Fashion influencer Pia Muehlenbeck wore a red dress chosen by her social media fans for a sunny day in Santa Monica to make her first video for the new IGTV.
He has 1.4 million followers on Instagram, all of which have carried over to his IGTV channel.
The app designed for vertical videos. If you're not into that video, swipe to check out other creators' channels.
Many a company has tried and failed to compete with YouTube, but Instagram has some things going for it, including a billion users-a new milestone that Systrom announced at the event-and plenty of creators already making a living on the service through monetization strategies such as sponsorships.
Systrom further explains, "Also like TV, IGTV has channels".