As reported yesterday, Facebook is holding a press event on Thursday, June 20. According to TechCrunch, Facebook is likely to use the event to announce the addition of video-sharing capabilities to Instagram, which the social networking giant acquired last year. Now, AllThingsD has chimed in, confirming that Instagram is indeed set to take a shot at video:

AllThingsD reports:

Instagram plans to release a video product this Thursday at a press event at Facebook’s headquarters, according to multiple sources familiar with the matter, marking the first time the robust, 100-million user network will stray from being strictly a photo-sharing app and dive head first into the world of moving pictures.

Of course, it’s not difficult to figure out that with this move, Instagram seeks to take on Vine, which has become hugely popular since it was released by Twitter last January.

Vine lets users easily record and share looping videos of six seconds in length. The duration of an Instagram video is still unknown, but word has it at between five and 10 seconds.

In any case, we won’t have to wait long to find out how long an Instagram video is, or what else it has to offer vis-à-vis Vine, for that matter.