Instagram's video product will give users 15-seconds to shoot footage versus Vine's six second clips. It will also give users the ability to edit footage and add a filter to the video, much like users can currently add filters to their images. Users will have to
Besides filters and a longer film time, Instagram's video function will also include a stabilizing feature and the ability for users to choose a frame of their footage to use as a cover slide for the videos they post.
(Read More: Facebook Event: If Vine-Like Vids Hit, Cash Will Follow)
Instagram boasts 130 million active users each month and users post a total of 16 billion photos each day, Systrom said. Because Instagram has such large scale, it will instantly have access to tap into the lightweight video sharing market, which Vine has largely dominated.
Facebook's push into the space could also help the company drive profits in the future, said Rob Jewell, CEO of Spruce Media, a marketing developer that builds on the Facebook platform.
"Facebook is sitting on a sleeping giant in video advertising," Jewell told CNBC on Wednesday.
He said that the addition of video to Instagram will add to Facebook's already large video inventory. And while Jewell said he doesn't necessarily see Facebook adding pre-rolled ad video before a users' footage, he does anticipate new video ad products to eventually roll out and be applied to users' content.
Systrom also hinted at advertising on the platform when he spoke on Thursday.
"I have always said our service would become a business over time. With video we didn't design it with advertising in mind," he said. "Right now we're perfectly happy with how businesses are engaging on Instagram, which is organically."
Instagram users can update their Android or iPhone app now to start using the new feature.
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