With the new growth of Vine and Keek, Instagram in cooperation with Facebook decided to do something to keep it's current users interested!
Since Twitter has a video service "Vine", so it's pretty much obvious that Facebook is going to respond with a similar one. Therefore, at its special press event on June 20, Facebook will unveil video support for Instagram. Compared to Vine , Instagram's videos would be limited to 5-10 seconds. This press event will be held at Menlo Parl, California, headquarters.
From a personal perspective, I don't think this service is worth it, as some videos are not worth the loading time when a picture would have sufficed. Hoping that this new service is not going to make Instagram heavier and loaded with unnecessary videos/posts!