Ranking high on YouTube will boost your Google page rank.
hootsuite.com
With 30 million searches per day, YouTube is the second largest search engine on the planet. In fact, they are almost double the size of third place, Yahoo. Keep in mind that YouTube is owned by Google, many of the SEO techniques you use for your website apply on YouTube.
Engaging titles, accurate descriptions, and links will help you appear in search results. YouTube also incorporates “time on page” (viewer retention) into it’s SEO algorithm. So consider having short videos which are to the point (and just making more videos).
Of course there are fantastic video hosting services like Wystia, Brightcove, Vimeo and others. Each offer unique benefits, such as analytics, which can be better than YouTube. But they draw away traffic, search results, time on page, and click through. This negatively impacts your YouTube SEO (and therefore Google SEO). This is not always a bad thing, just something to consider.