That is great insight, although obvious as people like videos and have short time span focus.
For me 2 things recently:
1) sharing relevant content from other accounts to stories gives you a lot of content and engagement (I just add my comments over it stating what I liked about it and why I want to share it with people)
2) We switched to content strategy that we developed based on our analysis of 1K accounts. Basically 4 content Mega Pillars with different roles: engage, entertain, sell, personalize. It really gets great engagement (10% followers check out stories), conversion currently is 4 – 5% which I estimate as good fo Instagram