NEW YORK (

TheStreet

) --

Facebook

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and

Instagram

announced that the photo-sharing social network is adding a video component to its network, broadening its reach, called Video on Instagram.

The app, available for both

Apple's

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iOS and

Google's

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Android, allows users to take 15-second videos of what they are recording. The app also allows users to re-record the video if the video is marred by an accidental clip.

Instagram has become a phenomenon since Facebook

acquired it last year

. CEO Kevin Systrom said the product is simple and beautiful and possesses a key differentiator in its community. Instagram is a tool that can take meaningful moments in the world and capture them forever, Systrom said during the event.

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"Instagram is a way to stay connected," he said.

Instagram, which now has more than 130 million active users on the platform every month, is a ""collection of ideas and inspiration best shared by you." Over 16 billion photos have been shared on Instagram, with over 1 billion likes every single day.

Video now comes with an additional 13 custom filters specifically used for the video component of the social network.

Instagram also announced a new feature called Cinema, which allows users to get rid of the shaky component some iPhone users have. Apple's camera does not currently feature image stabilization, which Cinema now cures.

Rumors

bandied

about earlier this week that the world's largest social network would launch a competitor to

Vine

,

Twitter's

popular six-second video sharing social network.

Facebook shares were moving lower Thursday, falling 1.92% to $23.84.

--

Written by Chris Ciaccia in New York

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