Facebook introduces video on Instagram

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Facebook acquired Instagram in 2012 for $1 billion. But since most of that price was in Facebook stock, the actual price was closer to $736 million when Facebook actually closed the deal for the photo-sharing network.

NEW YORK - Facebook is adding a video service to its popular photo-sharing app Instagram, following in the heels of Twitter's growing video-sharing app, Vine.

Instagram co-founder Kevin Systrom says users will be able to record 15-second clips by tapping a video icon on the app. They can also apply filters to the videos to add contrast, make them black and white or different hues.

Vine, which launched in January, has 13 million users. Instagram has 100 million users, up from 20 million when Facebook bought the company more than a year ago.

If users like it, Facebook's move could propel mobile video sharing into the mainstream.

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