Meta adopts the channel format from Telegram. It will be used to broadcast updates and announcements to a wide audience of subscribers.
Now Instagram channels work only on mobile devices, and their visuals resemble the look of a regular personal chat on Instagram. Subscribers of such channels will not be able to write anything in them, only emoji react to posts and vote in polls.
You can start the channel from your Instagram inbox and attach the link to your profile. The channel can also be made exclusive to paid subscriptions.
Meta has already started testing the new feature with some creators on Instagram and plans to add it to Facebook soon. There is also a waiting list for this feature, but it's probably already full.