Instagram’s done it again. Kevin Systrom, Co-Founder and CEO, has proven IG’s ability to stay ahead of the game with the launch of IGTV. Announced at an event last week in San Francisco, IGTV is a new app for watching and sharing long-form vertical video content. Instagram had a strong foothold in the vertical video world, with the popularity of Instagram stories, but solidifies this video sharing format with their newest feature.
Who can use this app and how does it work?
Anyone with an Instagram account can create an IGTV account within the IG app or by downloading the stand-alone IGTV app. The time limit for each video is 10 minutes unless you are a verified account, in which case the video length can extend up to an hour. The new feature provides a huge opportunity for influencers and internet celebrities, giving them more flexibility and leeway to share their content in a personal and direct way.
What about YouTube?
YouTube has dominated the video sharing space online for over a decade and has made a large impact in mobile video. Teens have decreased the amount of TV they watch by 40%, which has been in large part due to YouTube and other online video sharing/streaming platforms. It is predicted that by 2021, mobile video will account for 78% of all mobile data traffic. YouTube’s app, however, loads much slower than IGTV, with videos functioning similarly to the action of turning on a TV, loading as soon as you open the application.
How will they make money and what does this mean for advertisers?
Currently, there are no ads that will be placed in IGTV. However, it is predicted that there will be similar styles of ads to those of YouTube Pre-Roll and in-stream ads. Facebook has reported that mobile video is one of the fast-growing ad placements in terms of engagement, especially for young people, therefore, IGTV will be prime real-estate for millennial parents and older children.
Personally, I’m excited to see how content creators (and eventually advertisers) use IGTV, and what the reaction from YouTube is. Who knows, maybe you’ll see a little ChizComm IGTV? 😉