Facebook announced recently that it would be unveiling a new product at an intimate event on June 20th. There were many theories, some thought that perhaps the social network is launching its own Google Reader alternative. According to the Wall Street Journal, Facebook is actually going to unveil a Vine competitor today, which would allow users to create and share brief video clips. It is claimed that this new service will be part of Instagram, which Facebook acquired last year for $1 billion.

This report has come in a short while before Facebook’s event was about to start. It is currently underway and they’re indeed talking about Instagram. An announcement is likely to be made soon, we just have to wait and see if an Instagram branded short video service is going to be unveiled. Twitter launched Vine and it has gained a substantial userbase. There are no major competitors for the service as of now, but if WSJ’s report is correct, Facebook might be throwing its hat in the ring after all. Perhaps the social network will also announce its RSS reader? Lets see, we’ll have all the updates for you here as they come in.

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