It has been reported by Ad Age but not official announced that Yahoo! is going to start a YouTube like service. And by YouTube like service it seems to be "popular" YouTube performers migrating over to the channel
It is not clear that it will be open to all user generated content. It seems to be an advertising supported with content as the wrapper.
I remember back in the 2004 when Yahoo! tried to have a video web hosting service. It became a dumping ground for copyrighted content, user content and those folks that had deep needs to see naked bodies in motion.
It was a PITA to find anything and uploading was dicey at best. This is going to be very different. For one thing, they already have a curated video service at Yahoo Screen.
Have you been to it lately? That is my point. When people think about checking out a video they go to YouTube first and maybe Vimeo second. They have a lot of work to do to make this happen.
If they are using it as a money generation service (and there is nothing wrong with that) then they are going to have to get creators and viewers attention.
Gonna be a challenge.