Google's YouTube has announced today that it will be releasing its API for YouTube for use by web developers. Earlier, users were required to go to the YouTube website and upload videos or read/write comments on videos. With the release of the API by Google, users can upload videos, write and display comments on their own website.
Today's announcement allows Google to fulfill its goal of Google video, which was to bring all the videos on the web to its servers. With the release of the API, people will host the videos on YouTube's servers and still be able to access the content like their own. Google in return will be able to get a lot of videos and many users to watch the videos. It will allow Google to show its ads to a larger audience as well as improve search results on videos.
YouTube already owns a lot of the videos floating on the web. But with other alternatives like Blip.tv, DailyMotion, FlickLife... catching up, this announcement is sure to bring back a lot of web publishers to YouTube and in turn Google. Adsense for Video is also not doing as well as Google might have anticipated. This decision of allowing people to upload to Google's servers will allow Google to bring more targeted ads.
It should be an interesting development with what people will come up with YouTube's API. You can actually come up with an exact clone of YouTube.com without any investment...but I guess Google would be waiting to sue you!!