Update 10.41am 21/6/2013: Facebook has confirmed that Instagram will indeed be getting video. In Instragram for iOS, there's also a built-in Cinema feature that stabilizes your video after you take it. The updated Instagram app for iOS and Android is now available in their respective stores.
Facebook will be holding a product event on 20 June, and there is speculation that it might reveal a new feature in Instagram. TechCrunch's sources familiar with the event have indicated that the feature in question will be video capabilities.
However, there has yet to be confirmation from Facebook, who no doubt would want to leave the confirmation till its actual event. Once this feature has been confirmed, we will update this article.
This new video feature will no doubt be used to better compete against Vine, Twitter's video sharing app which has rapidly been gaining popularity lately, and has just appeared in the Google Play Store a few short weeks ago.
Vine works by taking short videos (five to 10 seconds long) and uploading it to Vine, Twitter or Facebook, which is similar to Instagram except it only does videos.