For 2 years, YouTube and Google has been trying to get big Hollywood studios to offer movie rentals for their new released movies. Sony, Universal Pictures and Warner Brothers has agreed to the deal, The prices are set to close to the prices of iTunes.
Some studios are already renting movies to YouTube such as Lionsgate, Weinstein Company and independent filmmakers with prices at $2 and $4. Getting deals with these major studios it gives YouTube a bigger advantage on its competition. YouTube gets billions of views each day but movies don't get the same impact.
I don't know if it will be successful because people would rather watch videos on YouTube for free rather than $2-$4, it cost's $1 at Redbox machines and if the prices are like iTunes prices then maybe YouTube will have a chance but personally I would rather get movies the regular way.