"A little over a year ago it did not exist. Today it is viewed more than 100m times a day and has become one of the most spectacular success stories of the internet in recent years.
But the dazzling influence of the video filesharing website YouTube may have only just begun, after the site announced plans that observers say could revolutionise the music industry and threaten even the online music giant iTunes.
YouTube's popularity has been based on the facility it offers users to post short home videos, usually of about five minutes, on the site, which other users can view, link to and share.
it has declared its intention to become a mainstream entertainment player, announcing plans to post on its site a copy of every single music video ever made. Like the rest of its content, they would be free to view and download. It is that innovation that net watchers say could threaten Apple's iTunes service, which charges users to download videos."
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