At a live Facebook (NASDAQ:FB) event earlier today, Facebook Founder Mark Zuckerberg, and Instagram Co-Founder Kevin Systrom, introduced their social network's newest innovation: video on Instagram.

"Over the past two and a half years, Instagram has become a community where you can capture and share the world's moments simply and beautifully," said Instagram Co-Founder Kevin Systrom in a blog post today. "Some moments, however, need more than a static image to come to life. Until now, these stories have been missing from Instagram."

Source: Instagram blog 

According to the post, Instagram (and owner Facebook, by extension) now support 15-second video clips, where only photographs were previously possible. True to its original value add, Instragram will also offer 13 separate filters designed specifically for video.

Facebook initially bought Instagram in September 2012 for a combination of cash and Facebook stock valued at around $735 million at the time. Instagram's latest upgraded app is available in iOS version for Apple, as well as Android via Google Play.

Fool contributor Justin Loiseau has no position in any stocks mentioned and still taps away on a dumb phone. You can follow him on Twitter @TMFJLo and on Motley Fool CAPS @TMFJLo.

The Motley Fool recommends Facebook. The Motley Fool owns shares of Facebook. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.