IGTV a standalone app that is also available as a tab within Instagram is a attempt to re-envision mobile video and possibly be a competition to Youtube.
Instagram just upgraded its story feature, it now allows users to share a preview of their IGTV video and the viewers of the story can go to IGTV video directly from there. IGTV despite being not so popular, has great features and can be very useful medium for businesses, influencers, bloggers, etc
IGTV also helps followers to see all user content in one place and users can also share their IGTV link in their profile. As of now, Instagram has not shared stats or data about traffic or how many users are using IGTV to watch videos, but with this feature Instagram is going to engage more users on IGTV. .