Facebook, Instagram Video Rumors [UPDATE]: Twitter Vine More Popular Than Instagram, Has More Shares

Facebook invited reporters to its California headquarters for the release of a new product on Thursday that prompted rumors of the new product being a video feature on Instagram, but Vine passed Instagram in total Twitter shares, according to Topsy Analytics.

Twitter Vine, which allows users to share six-second videos, surpassed Instagram on the day after an Android version of the application was released, NBC News reports.

But rumors continue to circulate over Facebook's newest Instagram feature and its ability to support video on the application. And the social media giant has not yet released information about the new program but will disclose it on June 20.

"Getting video on Instagram is a move that would make sense," read an article posted by TechCrunch.

"Specifically, it looks like a direct response to the rising popularity of video-sharing services, namely Twitter's Vine. It, and others like Viddy, Cinemagram and Socialcam, sometimes get described as 'Instragram for video' apps."

Analysts also say that the release of video capabilities on Instagram will level the playing field between Twitter and Facebook, as both social media giants continue to compete over popularity and user numbers.

Originally, TechCrunch reported that the new product Facebook is releasing would be a news reader application that would allow users to read news content using the application. However, speculation over the likelihood of such a function has been refuted by many, but remains a possibility.

Facebook will announce its product on Thursday at 10 a.m. PT and will clear the field of rumors surrounding Instagram videos.