This afternoon, Facebook announced an event to “Talk about something different”. Your eyebrow raised with intrigue, didn’t it? I clicked on the Livestream feed to see Instagram Co-founder, Kevin Systrom, already on stage, talking about how far the company has come in the past two years. Instagram now boasts 130 million users, 1 billion daily likes and 16 billion+ photos shared on the 2 and a half year old app, purchased by Facebook a year ago.

Upon sharing with the audience the rapid growth of its user base, Systrom made the breaking news by announcing that Instagram has rolled out a new video feature. Not to be outdone by Vine, a video application created by the developers at Twitter, Instagram video offers 13 custom filters specifically for video, as well as Cinema, a cinematic stabilization software which aides in avoiding shaky footage as your final video product. What’s more, Instagram video allows you to cut out clips that you want removed from your recorded footage. Instagram allows 15 seconds of video, more than double the allotted time on Vine. During the Livestream announcement, I was also watching the twitter stream blow up around the news of this latest release. Many of the tweeps out there were already cutting their cord with Vine and showing excitement over the new features already rolled out for iPhone iOS 4.0 and Android version 4.0.

A few people I’ve spoken with said that almost as soon as Systrom made the announcement they had the update on their app. Now, that’s some great service! With this new feature out, it begs the question of whether Vine will last long, or if the Instagram/Facebook Beast will quickly take over this new trending social offering. What do you think? Have you tried out the new feature yet? Will you? Are you an avid, faithful Vine user, or do you see yourself quickly jumping ship and adapting to the new Instagram.

* Video provided by Instagram