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Reports of Facebook video service gain steam ahead of launch event

Reports of Facebook video service gain steam ahead of launch event

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We're a few hours away from Facebook's big press event today at 1PM, and additional reports are echoing what was already rumored earlier this week: the social network will announce a short-form video product to compete with Twitter's Vine app.

"Facebook is expected to unveil pieces of its own Vine-like video service, under development for months, that would allow users to create and share brief video clips," The Wall Street Journal is reporting. Sister publication All Things D is reporting the same thing, but adds that the video service will be part of Facebook-owned photo-sharing service Instagram: "Sources said that Thursday’s event will solely be focused on Instagram’s new video product and there will be no other Facebook product reveals."

Vine's six-second video format is a hit with advertisers, the Journal reports, putting pressure on Facebook to introduce a similar product. Facebook users share a ton of video, but it's all hosted by YouTube and others, limiting the social network's ability to make money off it. Vine has grown to 13 million users since its debut for iPhone in January. An Android version came out earlier this month.

Adding video capability to Instagram would tap into the photo-sharing service's userbase of 100 million very social monthly users. Facebook has reportedly had its sights on video for more than two years, which predates its acquisition of Instagram; however, the Instagram team recently announced it's staffing up.