Almost three years back, in 2009, Google stopped the accepting videos to Google Video. And now, they have officially announced that they are shutting down the service. But no content from Google Video will be lost or deleted. YouTube is to take over all the videos hosted in Google Video. Everything will be moved to YouTube this summer.
From the official blog post :
Later this summer, all remaining hosted video on Google Video will be moved to YouTube. Google Video stopped taking uploads in May 2009 and now we’re moving the remaining hosted content to YouTube as private videos. Google Video users can rest assured that you won’t be losing any of your content as it will be fully available on YouTube, and you can choose to make those videos public on YouTube if you’d like.
Google ensures the users about the protection of their videos on Google Video. You will have the option to manually transfer and delete your videos to YouTube before 20th of August, 2012 from here. If you don’t move them yourself, Google themselves will be doing to for you. But if you don’t want any of those videos on YouTube, then simply delete them.
All the videos will be made private on YouTube once moved. But you can change the state to public whenever you like.