Instagram have launched IGTV, marking a significant foray into long-form video for parent-company Facebook as it looks to carve into YouTube’s dominance of the format.
Good News for Zuckerberg
Is this good news? Well, according to Forbes.com, Mark Zuckerberg is already $1.7 billion richer after the 2.3% jump in Facebook stock following the announcement. It’s good news for him at least.
Well done Mark.
Good News for Us?
How does the news affect the rest of us?
IGTV will allow Instagram users to post videos that are a full 60 minutes in length, up from the limit of just 60 seconds that is imposed on Instagram content at present. Videos will be shown in a mobile-friendly, vertical format, and will be accessible from a button within Instagram itself and via a dedicated IGTV app.
Videos featured in the official press release include a skateboarder, somebody smiling, and a dancing Pomeranian. So far, so Generation Z.
With 1 billion users now on Instagram, the potential advertising reach of IGTV is significant. YouTube “only” claims 1.5 billion logged-in users, so IGTV starts in a position not so very far behind the market leader.
Instagram have not announced any immediate plans to introduce ads into IGTV, though Founder Kevin Systrom has been quoted as saying it’s “obviously a very reasonable place [for ads] to end up”.
In fact, it’s hard to imagine that ads won’t end up on IGTV – why else would Facebook’s stock have increased if there were no plans to monetise the new platform?
So, what the announcement really means is further fracturing of the online media market. Brace yourself for another slew of ad formats, metrics and reports.
Be prepared for more discussions over platform media use by demographic, and further musings on how content is consumed on YouTube versus IGTV. Or ask a friendly digital advertising agency to guide you through it.