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"The way we are watching video is changing", Systrom told the event.

"Teens may be watching less TV, but they are watching more creators online", he said.

InstagramHow does IGTV work? To make this possible, Instagram is taking the support of a standalone app, IGTV, which will be accessible from the Instagram app.

The announcement follows news earlier this week that Facebook plans to introduce tools to connect video creators with advertisers and the launch of Facebook Watch for longform video last summer.

Instagram reached two major milestones today. First, Instagram is now a global community of one billion! All of the longer videos in the IGTV app will also be available to watch in the main Instagram app.

There are a few notable differences between the three though.

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- Mobile-first: IGTV is built for how you naturally use and hold your phone, so videos are all full screen and vertical. The launch of IGTV not only paves the way for longer content, but it could also allow Instagram and its content partners make more money through advertising.

Famed Pomeranian Jiffpom can now share videos up to an hour long on IGTV. "We've made it simple, too". You will also be able to switch between "For You", "Following", "Popular" and "Continue Watching" categories.

IGTV will soon be integrated into Instagram, with new IGTV bubbles appearing on the profiles of people you follow. In an event in San Francisco, Instagram announced that they will allow users to upload videos about an hour in length. Also like TV, IGTV has channels. And yes, everyone can start their own channel. With your help, IGTV begins a new chapter of video on Instagram.

Of particular interest to Instagram will be those with sizeable social media following already. Facebook's efforts to take on YouTube via its core platform haven't gone very far, so IGTV may be its best bet to create the digital world's second longform video superpower.

IGTV will start rolling out globally for Android and iOS users over the next few weeks. But knowing how Facebook and Instagram usually handle these things, we should be seeing ads or some kind of monetisation of the feature within the next year or so.

Many social influencers have already uploaded to IGTV to get a feel for the new feature.