Facebook-owned Instagram is all set to hold a press event in New York. The company has so far revealed no details about what the event would offer, but swirling rumors suggest that the event would be used to announce a new private messaging feature.

The company announced the press event last week, inviting media persons to "share a moment" in the Instagram team. 

Many observers are of the view that the new messaging service would be called 'Moments' and that it would be integrated into the main Instagram application.

Reports also suggest that the new service will feature messages which will vanish over time. It may be noted here that SnapChat already offers a feature in which photos vanish over time.

Facebook, the world's leading social-networking site, acquired Instagram last year for US$1 billion. Since acquiring Instagram, Facebook has added video and ads in the form of sponsored posts to the app.