Earlier in the year Facebook purchased Instagram for over $1Billion USD. It looks like the company is aggressively working on improving it too, if the newest rumors are true. According to insider sources, on June 20th, Facebook intends to reveal a new video feature on Instagram that is reminiscent of the video app Vine. Here's a quote with more of the details,

Feeling threatened by its rivalís success, TechCrunch is reporting that Facebook will update Instagram to support video later this week. Earlier reports suggested that the feature would be similar to Vine and allow users to create and share simple videos between 5 and 10 seconds in length. Video support is seen as the initial step for Facebook to finally monetize Instagramís more than 100 million monthly active users. Facebook is expected to announce Instagramís video support at a press event on June 20th.
It's possible that this rumor is both true and false. For the most part several different sources of industry intel have suggested that Facebook is working on precisely this, but there is no guarantee it will be launched as early as June 20th. We will keep you posted if more details leak.

Source: BGR