Internet video dump site YouTube.com has changed their terms and conditions to indicate that YouTube owns all the rights to videos uploaded to the site:
"…by submitting the User Submissions to YouTube, you hereby grant YouTube a worldwide, non-exclusive, royalty-free, sublicenseable and transferable license to use, reproduce, distribute, prepare derivative.."
Seemingly, that means that the video you made of yourself singing along to Lucky Star while while wearing your sister's tiara is owned by Youtube and they can put it out on CD, use it to advertise tampons, make a major motion picture out of it, whatever.
Before you panic, there's more to the story than that...and this might not signal the end of the world (or the end of youtube.)
As expected, the internet has reacted to youtube's news with hysteria, with amateur attorneys advising amateur idiots that if you upload a video to youtube the company will own your face and you won't be allowed to smile anymore, but what it actually means remains to be determined, as the agreement between you and youtube that begins when you upload your video ends when you take it down.
So, stay tuned for further info... and, if you're worried, you might want to hold off on uploading those videos to youtube til the whole thing becomes clear.
boingboing.net: YouTube's new policy says "we own your content."