Credit: Joanna Stern / ABC News

Sure, Facebook has released a number of new products in the last couple of months, including Facebook software for Android phones, hashtags, and a redesigned Newsfeed, but today the company has another "big idea" and "new product" to release to the world. At an event at its headquarters in Menlo Park today Facebook will reveal the new product, which many beleive is some new video features for Instagram.

According to reports from AllThingsD and TechCrunch, Instagram is planning to take on Twitter's Vine video sharing service with new video features. Facebook acquired Instagram in April 2012 for $1 billion.

Whatever Facebook (or Instagram) has ready we will find out today 10 a.m. PT/1 p.m. ET when the event begins. ABC News will be liveblogging and livestreaming the event.