Instagram chief executive Kevin Systrom announced the milestone as he unveiled the new video application known as IGTV.
Videos start playing as soon as the app is opened based on the people you already follow on Instagram. You can swipe up to discover more - switch between "For You", "Following", "Popular" and "Continue Watching".
IGTV is Instagram's new dedicated app for watching videos from the people you follow on Instagram. The app is available on Android as well as iOS. And, yes, you will be able to access IGTV in the main Instagram app.
According to Systrom, Instagram will not be monetizing IGTV with ads in the immediate future, although that could potentially change down the line.
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We've seen the company's obsession with video begin with the launch of Instagram Stories' in August 2016, and it alone has amassed more than 300-million users since.
Content starts playing as soon as users open the app, with a "static screen" appearing as it loads selected content. There is one big twist though - the videos are vertical only. In addition, clips will not be limited to one minute like regular Instagram videos.
Detailed at an event in San Francisco today, IGTV is the social platforms vision for bringing "audiences closer to the creators they love".
And that's the interesting part, anyone can upload their own IGTV content so if you're an ecommerce merchant take a look and decide if it's for you. As with any social platform, videos can be liked, shared, and commented. Instagram has always been a place to connect with the people who inspire, educate and entertain you every day.
"It truly wouldnt have happened without all of you", CEO Kevin Systrom said of hitting the one-billion-user-mark. All users will initially be able to record video up to 10 minutes, while select accounts with larger followings will be able to record video up to 60 minutes.