Terms of the deal haven’t been revealed but Luma announced on their blog that the acquisition means that their service will be shutting down. Luma will keep running until the end of the year and users who have been making use of the service can download their videos here.
The blog post on Luma reads that they “embarked on a mission to make capturing and sharing beautiful videos easy without expensive software or heavy equipment. By joining the exceptionally talented team at Instagram, we’re taking another big step towards realizing that mission.”.
Presumably over the next few months we’ll see some improvements on Instagram’s video editing suite along side the few filters that already exist. Hopefully they add a way of removing the last clip without having to delete the entire recording!