I thought Google would do this, although probably not this soon.

YouTube is encoding all new uploads in Google’s WebM open-source video format, the site announced Tuesday on its blog. Google is also working on transcoding the entire existing YouTube catalog to WebM. YouTube is spending significant resources on this conversion, showing how serious Google is about WebM.

From the blog post:

"Given the massive size of our catalog — nearly 6 years of video is uploaded to YouTube every day — this is quite the undertaking. So far we’ve already transcoded videos that make up 99% of views on the site or nearly 30% of all videos into WebM."
YouTube started to transcode some of its catalog right after Google open-sourced WebM last May, and WebM Product Manager John Luther said last November that the site had made 80 percent of the most popular videos available in WebM.

However, most YouTube users won’t get to see any of the clips in the new format; users have to have a browser supporting WebM and actively opt into the HTML5 trial. WebM is currently supported by Firefox, Chrome and Opera. IE users can watch WebM videos by installing an additional codec, and Apple’s Steve Jobs has made it clear he won’t support WebM at all.

The open format recently made headlines when MPEG LA opened up a call for patents to form a WebM patent pool. Google has rejected the idea that WebM is subject to patents held by other companies. (Source)

[...] all new videos uploaded to YouTube are now transcoded into WebM. WebM is an open media file format for video and audio on the web. Its openness allows anyone to improve the format and its integrations, resulting in a better experience for you in the long-term. As we work to transcode more videos into WebM, we hope to reduce the technical incompatibilities that prevent you from accessing video while improving the overall online video landscape.

Transcoding all new video uploads into WebM is an important first step, and we’re also working to transcode our entire video catalog to WebM. Given the massive size of our catalog - nearly 6 years of video is uploaded to YouTube every day - this is quite the undertaking. So far we’ve already transcoded videos that make up 99% of views on the site or nearly 30% of all videos into WebM. We’re focusing first on the most viewed videos on the site, and we’ve made great progress here through our cloud-based video processing infrastructure that maximizes the efficiency of processing and transcoding without stopping. It works like this: at busy upload times, our processing power is dedicated to new uploads, and at less busy times, our cloud will automatically switch some of our processing to encode older videos into WebM. As we continue to transcode the remaining inventory, we’ll keep you posted on our progress.

In keeping with our goal of making videos universally accessible, we will continue to support H.264 as an important codec for video on YouTube. We are also committed to continuing to develop our HTML5 video player that we announced last year, and if you’d like to join the opt-in trial, you can do so here.

The world of online video is incredibly complex and dynamic. Yet, our goal is to ensure that nothing stands between you and the great content you’ve always enjoyed. We’ll continue to invest in new video technology that improves the experiences for all users, builds a better infrastructure for online video, leads to greater access of information and spurs continued innovation. (Source)