YouTube announced on its blog that the site has collected enough videos since 2005 and will be closed to new submissions.
Nearly eight years later, with 72 hours of video being uploaded every minute, we finally have enough content to close the competition. We’ve started the process to select a winner and as of tomorrow at midnight, we will be closing the site to submissions.
So which video is the best? YouTube will stream a live ceremony announcing "Best Video" nominees. But there are a lot of them — YouTube says the announcement "will resume for 12 hours every day for the next two years."