LIVE STREAM: Watch Facebook’s ‘New Product’ Event Here at 10 a.m. PT

10:27 a.m. Now Systrom is showing a promo video featuring the new Instagram features. Applauses.

10:23 a.m. Another cool feature–Cinema on Instagram. It will be a cinematic stabilization feature for your iPhone. “It’s completely mindblowing,” he says.

10:22 a.m. Unlike Vine, the Instagram video feature won’t have those annoying loops. To summarize: 15 seconds of beautiful video clip by clip, 13 custom filters, cover frame for sharing and shows up on your profile like a video.

10:20 a.m. You can choose your favorite frame from the video to share on the feed.

10:19 a.m. 13 new custom filters for video. Why are we not surprised? Anyway, Instagram partnered with an artist to create these filters.

10:18 a.m.  Instagram’s new video feature has a 15-second limit. Does this mean Vine will match Instagram soon?

10:17 a.m. Now when you’re on Instagram, when you take a photo, there’s a video icon. Tap the video icon and hold it and you can start recording.

10:16 a.m. Systrom is focusing Instagram’s new product on simplicity, beauty and community.

10:15 a.m. It’s official. Instagram will have video.

10:13 a.m. Systrom goes back to September 2010, when he and his partner founded Instagram. “The three things we want to be good at is speed, simplicity and beauty.” Now he mentions video.

10:12 a.m. Systrom is about to get to the product unveil, but first he gives some stats about Instagram. Can you imagine 16 billion photos on the app and more than 1 million likes per day? Now 130 million Instagram users.

10:10 a.m. Systrom talks about how Instagram is a way to stay connected and its most popular features.

10:09 a.m. Mark Zuckerberg hands it over to Kevin Systrom about the latest Instagram update.

Facebook is set to unveil its latest ‘new product’ today at 10 a.m PT at its Menlo Park, Calif. headquarters. Some are speculating that Facebook’s Instagram app will have a short video feature, much like Twitter’s Vine app.

The company informed media through snail mail about the event, only stating: “A small team has been working on a big idea. Join us for coffee and learn about a new product.”

Stay tuned to this page to watch the Facebook ‘new product’ live stream when it goes live.