According to the official Youtube blog, Youtube will no longer be accepting new video uploads effective midnight April 2, 2013, and all content currently uploaded will be deleted. Read the official statement below.
“To our incredible YouTube community,
When we started out in 2005, we focused on rapidly increasing user engagement. We wanted an inventive way to draw people in and catalyze their creativity. The result? A contest for the best video on our site.
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.”