Facebook and its photo sharing app Instagram introduced their own short-video service on Thursday in an attempt to compete with Twitter's Vine mobile application. The announcement was made by Instagram co-founder Kevin Systrom at Facebook's Silicon Valley headquarters.

Twitter introduced Vine, a video application which allows users to upload video no longer than 6 seconds in length, more than five months ago. According to the New York Times, Vine has already grown to almost 20 million users.

The new video application from Instagram gives users the ability to create video that is 15 seconds in length. According to the Times, the application is already available to users who can shoot the video, add filters, and post it almost immediately. Additional benefits to Instagram's new video application are the ability for users to re-record a portion of their video as well as an image stabilization feature.

It remains to be seen if this new application will catch on like Vine has with users. However, billions of dollars of advertising could be at stake if Twitter and/or Facebook decide to start offering advertising on their video applications. The social networking race continues to heat up as Facebook, Twitter, YouTube, Google + and others try to capitalize on the next big feature.

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