Facebook acquires Luma to make real Instagram's video dreams

According to TechCrunch, Instagram has just acquired Luma for an undisclosed amount to help bring its video service to the next level. In addition to basics like video stabilization and adjustments for brightness and saturation, Luma will bring its "Infinite Filter" tech into the fold. What does this do? Well, with it you can add or remove filters to video clips at will once the footage is in the can. If you're one of Luma's existing users, the company is shutting its doors come December 31st, so consider this your fair warning to grab your clips before then. A revamped platform certainly couldn't hurt Instagram's video ambitions -- after all, the competition isn't showing any signs of slowing down.