UPDATE: Check out the Details of Video For Instagram Here

At 10am PT, 1pm ET today, the largest social media network in the world, Facebook, will be launching a new product that many suspect is a video feature for Instagram. Last week Mark Zuckerberg et al sent out invitations for a mysterious event via snail mail, resulting in rumors running rampant throughout the Internet. Facebook will be streaming its launch live and you can check it out below. Live stream the Facebook press event right here.

Check out the Facebook product launch live stream right here

Most agree that Facebook will be announcing a new video feature for its 100 million user strong photo sharing network Instagram. TechCrunch published a report late last week citing inside sources that Facebook’s mysterious launch event will add the video shooting and sharing feature most likely to curtail the enormous popularity of Vine, the six-second video network owned by Twitter.

Rumors ranged that today’s launch event would announce the new hashtag trending feature implemented on newsfeeds in similar fashion to Twitter, to Facebook announcing the ability to now include photos in the comments section of profile pages.

It wasn’t until this morning that multiple sources began to report inside sources of their own who were close to the event proceedings that the launch would in fact be the video feature.

Facebook’s primary concern with its product must be fear of being called a copy cat yet again, having joined late to the seconds-long video sharing realm as it did with its Poke app to compete with Snapchat, an app that allows users to share photos that are deleted seconds later. In order to differentiate its own product, Facebook may alter the time limit on video footage, with some reports suggesting the user’s will have the ability to shoot five to ten second videos.

The event today will take place at Facebook’s Menlo Park, CA office headquarters.