Yes, this tool also supports the conversion of videos into Mp3 format. The process for converting Instagram videos in Mp3 format is basically the same. Just copy and paste the URL of the video you want to convert into an audio file and click on the download option. Select the format of your choice from the given options (in your case, Mp3). You can also choose from the wide list of options like Mp4, Mp3, 3GP, WMV, FLV, MO, and more.