"We are re-envisioning mobile video with a new standalone surface that features longer videos and easy discoverability through channels, all in a vertical format that sits upright, in the palm of your hand", Instagram explained in a blog post.
"It truly wouldnt have happened without all of you", CEO Kevin Systrom said of hitting the one-billion-user-mark. The video will eventually give Facebook more opportunities to sell advertising.
Accounts with large audiences will be able to distribute programmes lasting up to an hour. It is especially popular with younger people.
In fact, Systrom kicked off the IGTV press event by talking about teens' changing video consumption habits, noting that they're watching less TV than ever.
But to that last point, it's worth noting that anyone can upload hour-long videos - the feature isn't restricted to the celebrity creators who will nearly certainly dominate the Explore tab.
Systrom said IGTV is built to be used on a smartphone, and boosts the time for videos from the previous limit of one minute.More news: Kawhi Leonard, Gregg Popovich met Tuesday
Instagram also shares how businesses, creators, and more can "leverage" the new platform, reiterating its massive user base.
Instagram wanted IGTV to feel natural.
That is what's already happening on YouTube, which has become the world's most popular video outlet since Google bought it for $1.76 billion United States almost 12 years ago.
IGTV's programming format will consist exclusively of vertical video created to fill the entire screen of smartphones - the devices that are emerging as the main way younger people watch video.