Youtube is a video sharing site where users can upload, view, and comment on videos. I personally love Youtube. If there is a video on the web, which isn't illegal, Youtube probably has it. I often will search the site for a video before I even think of going to Google. Many people also like to use Youtube for playing music, since many music videos are hosted on the site. To me, Youtube isn't trying to be a social network. While I understand that it has some aspect of a social site, such as subscribing and messaging, it is concentrated on videos, and I think it does a superb job.
Youtube's purpose is to host user uploaded videos. Simple as that. The site was purchased by Google and has only gotten larger since then and has expanded its viewing features. Originally all videos were in SD, but now videos can be viewed in 1080p or even higher when available. To me, a service that is as reliable and as good of quality as Youtube is a definite bookmark.
A business could use Youtube to show off a new product with description. For example, my previous internship was with a door manufacturer and they had many videos that instead of sending a customer a pamphlet or dvd video, they would simply ask if they had the internet and then point them to the proper video. Youtube can also help or hurt businesses by listing user reviews of the product under the video (even though this feature can be disabled). Businesses could also respond to user's questions by having the customer showing on their own Youtube channel how they are using a product and perhaps having the company respond with a video showing proper use or installation. There are many possibilities for business application for Youtube, and the possibilities can only grow over time.
To show the ease of Youtube, I uploaded a horribly done video from an accounting project my sophomore year.... here you go.
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