Instagram now has its own version of YouTube
SAN FRANCISCO: Social media network Instagram made a more aggressive push into the “media” side of its business this week, hosting a splashy launch for a new service for long-form video called IGTV.
Several celebrities with prominent social media accounts joined Instagram chief executive Kevin Systrom to kick off the new platform. The launch party, in true tech industry fashion, featured coloured lights, loud music and photoworthy scenes set in the alcoves of a former Honda dealership - located steps away from a homeless encampment in the heart of San Francisco.
Instagram has already made itself the go-to destination for carefully staged photos and short videos that show off people living their best lives.
Instagram, acquired by Facebook in 2012, has always been the more visual platform and is traditionally more successful at courting young users. It has been largely insulated from controversies, such as Facebook’s data privacy woes or YouTube’s problems with curation.
Instagram’s timing may be right. “Marketers see YouTube as an obvious opportunity. But they’re also growing increasingly weary of brand reputation across the platform,” Todd Krizelman, chief executive of the marketing intelligence fi rm MediaRadar, said in an emailed statement.
Instagram is also growing quickly. Chief executive Kevin Systrom said that Instagram now has one billion active monthly users, up from 800 million in September.
The network has also proven to be one of the best social media networks for video engagement, according to research fi rm eMarketer, setting up the potential for IGTV to be a moneymaker for Facebook. While there are no advertisements on IGTV at launch, Systrom was clear that there would likely be in the future. Advertising, he said, would be a “reasonable place to end up” for IGTV.
While much of what Instagram announced is similar to what YouTube and others have done before, it is not bankrolling the creation of any shows -a strategy that competitors such as YouTube, Amazon and Netflix used to fuel interest in their young video platforms.
That doesn’t seem to be in the cards for IGTV. “What we have always done really well is remain a neutral platform that connects people to their audience and their friends,” Systrom said. — Washington Post.