"Since our launch in 2010, we've watched with amazement as the community has flourished and grown," Systrom said in a blog post.
"This is a major accomplishment."
In September, Instagram said it had some 800 million monthly active users.
Systrom announced the launch of the IGTV platform which will have a separate smartphone app or can be watched from Instagram.
IGTV will enable any user to upload long-form videos and will also include "channels" from video "creators," similar to a format employed by Google-owned YouTube.
"Anyone can be a creator -- you can upload your own IGTV videos in the app or on the web to start your own channel," Systrom said.
Systrom said IGTV is built to be used on a smartphone, and boosts the time for videos from the previous limit of one minute.
While Facebook offers no detailed revenue breakdown, the research firm eMarketer estimates Instagram will generate USD 5.48 billion in net US ad revenue this year, up 70.4 per cent from last year and accounting for more than one-fourth of Facebook's net mobile ad revenue.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)