Instagram Unveils New Video Service Challenging YouTube

(CNN Money) — The Facebook-owned platform is rolling out a new hub for long-form, vertical video. Instagram announced the new feature at a press event on Wednesday (June 20.)

The hub, called IGTV, will live within the regular Instagram app. It will also get its own standalone app in the coming days.

Anyone will be able to post to IGTV, but Instagram users with 10,000 followers or more will be able to post videos up to an hour long. Users with fewer followers can post up to 10 minutes of video. Instagram video posts were previously capped at 60 seconds.

The company has tapped celebrities such as Kim Kardashian West and Selena Gomez who will be among the first to upload longer-form content to their accounts on Wednesday.

In addition to IGTV, CEO Kevin Systrom announced a company milestone: 1 billion monthly active users now use Instagram, up from 800 million active users in September.