Instagram snaps up video sharing app Luma, shutdown slated for Dec. 31

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Facebook (NASDAQ:FB)-owned photo sharing application Instagram has completed its first acquisition, purchasing video app maker Luma. Financial details were not disclosed.

The free Luma Camera application for Apple's (NASDAQ:AAPL) iOS enables users to record and share HD videos leveraging stabilization, filters, color grading and zoom features. Users may also change filters and stabilization effects after completing recording, and follow friends to watch, like and comment on their videos. A source told TechCrunch that Luma Camera stabilization technology is already live in the Instagram app.

"As part of our move to Instagram, we are shutting down the Luma service," Luma said on its website. "We want to make this transition as painless for you as possible. Here is a link to download your videos. We will also continue to support Luma until December 31st, 2013." Instagram has already removed Luma Camera from Apple's App Store.

First introduced for iOS in October 2010, Instagram enables users to snap, filter and manipulate photos and then upload their work to social media sites. The app expanded to Google's (NASDAQ:GOOG) Android operating system in April 2012. Facebook acquired Instagram for $715 million last year and recently announced that the app boasts 130 million monthly users who have shared 16 billion photos.

Instagram added video recording and sharing capabilities in June, a move to combat the growth of Twitter's popular Vine video app. Video on Instagram lets users film clips up to 15 seconds in length and touts 13 unique filters designed for video only, a custom cover frame to represent the video in a user's Instagram feed and a video stabilization feature called Cinema.

For more:
- read this Luma announcement
- read this TechCrunch article

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