Facebook Inc (NASDAQ:FB) is holding a live-stream event on Thursday afternoon and although there is no official word on what it will be about, there is talk about a potential video-sharing feature for Instagram. Facebook Inc (NASDAQ:FB) fans who want to watch the event, can check out this link. The show started at 1:00 PM EDT and 10:00 AM PST.

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Instagram Video Similar to Twitter’s Vine

Twitter has the successful Vine video application which allows user to film short video and share them on the web. Therewas much speculation that Facebook will introduce their version of the Vine app to compete with Twitter and Vine. A report from the Wall Street Journal explained,  “[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.”

Vine is a popular mobile application that allows users to record their own brief video clips and share them with the world. Since it was first unveiled exclusively for iOS users earlier this year, the app has taken the world by storm. Earlier this month, Vine finally unveiled an app for Android users which will only help the app dominate the market even more.

Instagram Videos to Have Filters and Frame

Facebook Inc (NASDAQ:FB) already has Instagram, a popular image sharing application that was and is still quite popular. If Mark Zuckerberg’s company wants to stay relevant, they will have to unveil something that’s similar and/or better than Vine. That’s why the company has introduced Instagram videos, a new app that allows users to record video clips up to 15 seconds. It will be similar to the regular Instagram as it allows users to caption photos and tag other users the same way it always has. There will also be 15 brand new filters for the videos and a cover frame that will improve how the videos look on mobile devices.

This could be a big thing for Facebook Inc (NASDAQ:FB) and Instagram.