Here's a look at Instagram's longform video feature IGTV

You'll be able to pop from regular Instagram to IGTV with the press of a button on the app's homescreen, and IGTV will retain a lot of the look and feel of traditional Instagram.

Today, Instagram held an event where they announced IGTV, a new service made for long-form video. Anyone can upload videos, either from the dedicated app or from Instagram itself. Instagram doesn't now allow video ads, but Systrom said it eventually will. With the launch of IGTV, the company essentially wants to make its platform the go-to for entertainment - Instagram already has a huge amount of content for users, ranging from Stories, Live videos, to the classic photos and videos.

IGTV will be making its way to users over the coming weeks.

While Facebook offers no detailed revenue breakdown, eMarketer estimates Instagram will generate $5.48 billion in net U.S. 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.

Systrom also announced that Instagram had reached one billion active monthly users, a milestone YouTube hit in 2013. "I'm still going to be posting on YouTube as well as on Instagram", she told reporters.

Video will be available through Instagram or a new app called IGTV.

Many expect Instagram to run ads alongside the videos, allowing creators to earn revenue from their content.

We are re-envisioning mobile video with a new standalone surface that features longer videos and easy discoverability through channels, all in a vertical format that sits upright, in the palm of your hand.

That trend appears to be one of the reasons that Facebook is "hedging its bets" by opening Instagram to the longer-form videos typically found on YouTube, said analyst Paul Verna of the research firm eMarketer.

While there are no advertisements on IGTV at launch, Systrom was clear that there would likely be in the future. With this news, all four of Facebook's key services-the main Facebook app, its two chat apps Messenger and WhatsApp, and Instagram-each have a billion or more users. "There will be a way for creators to make a living".

So what will viewers be able to find on IGTV?

The site reports that while videos of up to one hour will be allowed, the company is encouraging a target of ten minutes, with celebrities and other established content creators leading the way.

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