Earlier this week we reported that Facebook had scheduled a press event for Thursday, and if rumors were true, the company was expected to unveil a video service similar to Twitter’s Vine for its photo-sharing app Instagram. It’s now official. The popular Facebook-owned app features a new video-sharing tool that allows users to shoot and share 15-second clips (possibly ideal for advertising), choose from 13 video filters and create a cover photo.

“Today, we’re thrilled to introduce Video on Instagram and bring you another way to share your stories. When you go to take a photo on Instagram, you’ll now see a movie camera icon. Tap it to enter video mode, where you can take up to fifteen seconds of video through the Instagram camera,” explains company co-founder Kevin Systrom on the Instagram Blog.

“You’ll also find that we’ve added thirteen filters built specifically for video so you can keep sharing beautiful content on Instagram. When you post a video, you’ll also be able to select your favorite scene from what you’ve recorded as your cover image so your videos are beautiful even when they’re not playing.”

“During his presentation, Systrom highlighted features that differentiate the product from Vine,” reports The Wall Street Journal. “Users, for example, will also be able to apply special video filters and quickly edit the video by deleting any clip. Separately, Systrom also introduced a special feature called ‘Cinema,’ a tool that automatically stabilizes video. When asked by a reporter why Instagram did not use Vine’s time limit of 6 seconds, instead of 15 seconds, Systrom was coy, noting that it was an ‘artistic choice’ and just felt ‘right.'”

However, Quartz is quick to point out that a 15-second video is also an ideal choice for advertising, especially when considering that in this case it is mobile and a length that will allow advertisers to drop in short TV spots without modifying them.

“Facebook was already planning to unveil video ads in the fall as the company — along with many of its rivals — chases the white whale of the digital advertising industry: television,” notes the article. “For all the money flowing into the coffers of advertising-supported Internet giants, it’s important to remember that nearly twice as much advertising money is spent on television as digital — a projected $196 billion in 2013 compared to $113.6 billion.”

Instagram for iOS is now available for download in Apple’s App Store and Instagram for Android is available via Google Play.

Interesting stats from the presentation: 16 billion photos have been shared on Instagram to date, the app touts an active audience and 1 billion “likes” every day, and 130 million people use the app each month.

You can watch a 22-minute video of Mark Zuckerberg and Kevin Systrom introducing Video on Instagram during yesterday’s event. The WSJ article also features a 2-minute highlight video and Instagram’s 1-minute promotional vid.