With recent music licensing deals between Facebook and record labels like Sony, Warner Music, Universal and other European publishers, it would seem as if Facebook, and by extension Instagram, is uniquely poised to bring soundtracks to shared videos. According to a report at TechCrunch, it seems as if some code in the Instagram Android app could point to new music features like stickers that would let you find and add copyrighted music to your Stories from places like Spotify or SoundCloud.
The code, initially found by Ishan Agarwal, shows an unreleased search music feature hidden within the Instagram Stories system. TechCrunch reports that music overlay stickers can be searched for genres, moods, or trending songs, then placed in videos and possibly photos. Of course, finding un-implemented code doesn't mean that it will become a full-fledged feature any time soon, but it's definitely interesting for advertisers and competition with services like Musically and Snapchat, as TechCrunch notes.
Update 5/7/18 2:24 PM ET: Instagram replied to our request for more information with a "no comment."