Probably. They can try but it won't work.

It will be hard for it to be successful. Youtube is Google's biggest expense but they have many other businesses that help cover that.

They are hoping to fill the void left by Vessel and fill it with their own, but make it more flexible without being as rigid as Vessel was. Pretty much sums it up. We'll have to see how the handle and market it. If they want it to grow and such. 

it's a catchy name for a open video platform , will be interesting to see if breaks through to the mainstream. already have a bigger competitions out there.