Will Instagram add video support to compete with Vine?

Instagram direct

Last week Facebook sent out an invite for an upcoming mysterious Facebook event has several sources speculating that the social network might be adding video support to its Instagram

It’s now public that Instagram,was bought by Facebook for a cool $1 billion in cash and stock in April last year, but has slowly been losing ground on Twitter to Vine, a popular iOS and Android app which lets you share short 6 second video clips.

Since debuting its Android version at the beginning of the month, the total amount of Vine video links on Twitter has surpassed those of Instagram.

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Analysts speculate that the Introduction of video sharing may be just the step Instagram needs to
retain its advantage over Vine and other apps – Viddy, Socialcam, etc. – which offer a feature that is growing increasingly popular amongst iOS and Android users.

Till the 20th of June we see if the rumors have turned out to be accurate.