The Facebook logo is shown at Facebook headquarters in Palo Alto, California May 26, 2010. REUTERS/Robert Galbraith (ROBERT GALBRAITH/REUTERS)

Facebook is planning something for an event this Thursday, and rumor has it that the social network is looking to launch a video service similar to Twitter’s Vine.

The latest round of speculation comes courtesy of a TechCrunch report that cites an unnamed source saying that Facebook is planning to add the ability to release short videos to its Instagram service.

Facebook did not immediately respond to a request for comment on the report.

Vine has a been a success for Twitter since its launch in January 2013, success that’s been bolstered since the firm released an Android version of Vine this month. And the video space has been getting crowded for a while, with competitors such as Socialcam, Viddy or even the video capture feature in Google’s YouTube app. Jumping into the space would give Facebook a horse in that race — particularly if it can use the Instagram filters that have spurred so many people to become casual photographers to also become videographers, too.

As the TechCrunch report noted, Vine has overtaken Instagram when it comes to sharing on Twitter — though that could be due to the fact that Instagram pulled full photo previews from Twitter in December. In any case, adding video would give Facebook a way to keep users more engaged with Instagram, and that is certainly something that Facebook would like to happen.

The social network, in general, has been making moves to create more conversations on its network. Last week, the company followed another Twitter development by adding hashtags to Facebook to allow users to track conversations both in and outside of their immediate friend groups.

And the company hinted that it had more product announcements to come. Other rumors have also indicated that Facebook may release a news reader similar to Google’s soon-to-be-retired Google Reader service, which could explain why invitations to the event came in paper form with a stylized coffee stain in the corner, as ABC News’ Joanna Stern reported.

(Washington Post Co. chairman and chief executive Donald E. Graham is a member of Facebook’s board of directors.)

Related stories:

GigaOm: Why Facebook isn’t the right company to create a Google Reader replacement

Facebook rolls out hashtags for ‘public conversations’

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