Online photo-sharing and social networking service Instagram has rolled out an update that will allow users to record up to 60 seconds of video, instead of the usual 30 second limit. The update has been released to both iOS and Android versions of Instagram.

Instagram announced that update via a statement on its official blog, "We want to bring you fun, flexible and creative ways to create and watch video on Instagram. As part of our continued commitment, you'll soon have the flexibility to tell your story in up to 60 seconds of video."

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Instagram claims that over the past six months, the time spent by its users watching videos have increased by more than 40 percent. The photo sharing app launched its video capabilities in 2013, and since then the feature has become a huge factor behind  the popularity of Instagram.

Video ads is also one of the biggest revenue contributor to Instagram. Launched in 2014, video ads were first limited to 15-second duration. However, in September 2015, Instagram updated it to 30-second and in February this year it started supporting 60-second ads.

According to CNBC, the lucrative video advertising market is expected to grow into a $9.59 billion industry this year. This represents a growth of 25.8 percent compared to the previous year. On mobile, the main platform of operation for Instagram, video ad spending is expected to grow by 47 percent.

Other social networking services have also updated their own platforms in order to cater to the expanding video market. Social networking giant Facebook recently expanded its video services by launching features such as 360-degree videos and live streaming. In November 2015, Facebook reported that on a daily basis its massive user base averaged 8 billion video views.

TagsInstagram, instagram update, Instagram Video, 60-second video, Instagram 60-second video, Instagram latest update, Instagram News, Instagram updates