In order to investigate the characteristics of two-phase slug flow, an electromagnetic flowmeter with 240Hz triangular AC excitation was designed and manufactured. The signals and noise from the flowmeter were obtained, and analyzed in comparison with the observations with a high speed CCD camera. The uncertainty of the flowmeter under single-phase flow was $pm$ 2.24% in real-time. For two-phase slug flow, electromagnetic flowmeter provided real-time simultaneous measurements of the mean film velocity around Taylor bubble and the relative location and the length of the bubble. Besides, it is an easier and cheaper method for measuring mean film velocity than others such as photochromic dye activation method or particle image velocimetry.