Instagram soon to become a threat to YouTube and Snapchat?

Hey guys,

Instagram is to launch a dedicated space featuring long-form videos probably on June 20th this year! Yes of course! Users would be able to upload more lengthy videos exceeding 60-seconds (current limit) an there will be an option to continue watching clips they've already started.
It's also told that the creators can earn money off their long videos, however it's not confirmed yet.

Do you think it will be a threat to You Tube and Snap chat which are the most popular video sharing sites?
Discuss your opinion.