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Instagram expands into long videos, will compete with YouTube

Date: Jun 22, 2018

The service plans to feature videos from rising internet celebrities, artists and pets, some of whom have tens of millions of social media followers.

Called IGTV in a nod to traditional television, the service plans to feature videos from rising internet celebrities, artists and pets, some of whom have tens of millions of social media followers.

“Teens are now watching 40 percent less TV than they did five years ago,” Instagram Chief Executive Kevin Systrom said at an event to announce the launch in San Francisco. “It’s time for video to move forward and evolve.”

Facebook shares rose 2.3 percent on Wednesday to $202.06 after earlier crossing the $200 mark for the first time.

Instagram, which was founded in 2010 as a photo-sharing app, has surpassed 1 billion users, Systrom said.

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