A lot of speculation has been circling in the rumor mill about Facebook's mysterious press event being held later this week on June 20th. Today, TechCrunch may have just cracked the code that will let the genie out of the bottle. Apparently an unknown source has confirmed that Facebook will be launching video capabilities for it's popular Instagram service.
Facebook adding videos to Instgram makes a lot of sense as its biggest competitor, Vine, is based around sharing short video clips. Analysts expect a similar model to Vine in which Instagram videos would be between 5 and 10 seconds each to make sharing quick, simple, and as low bandwidth as possible.
Of course, the added video feature would attract even more users which would further bolster Facebook's plans to monetize the service with ads. Being able to inject a 5 second video before a users video is played would bring in more cash than a simple banner ad placed over a photo. While details on the press event later this week are still unknown, we will be sure to bring you all the latest news as it is released.