As reported by Russian website tjournal.ru (via Engadget), it looks like Instagram is testing out a live video feature. As you can see in the screenshot, live videos on Instagram will appear the same way as its Stories, except that it will sport a “Live” tag underneath it to let users know that the video is currently live.
Unfortunately not much is known about the feature right now as clicking it takes users to a “popular live broadcasts” page that isn’t loading at the moment. Given that unlike Facebook in which videos don’t appear to have a limit in terms of length, Instagram’s videos are only capable of a max duration of 60 seconds (which was recently changed earlier this year from 15 seconds).
This means that assuming Instagram is keeping to that length, live videos won’t last for very long so long Q&A sessions won’t be possible. Instagram has since declined to comment as to whether or not they are working on the feature, but sources of The Verge have been telling them that live video on Instagram was only a matter of when, not if.