7.2 You retain all of your ownership rights in your Content, but you are required to grant limited licence rights to YouTube and other users of the Service. These are described in paragraph 8 of these Terms (Rights you licence).
8. Rights you licence
8.1 When you upload or post Content to YouTube, you grant:
A.to YouTube, a worldwide, non-exclusive, royalty-free, transferable licence (with right to sub-licence) to use, reproduce, distribute, prepare derivative works of, display, and perform that Content in connection with the provision of the Service and otherwise in connection with the provision of the Service and YouTube’s business, including without limitation for promoting and redistributing part or all of the Service (and derivative works thereof) in any media formats and through any media channels;
B.to each user of the Service, a worldwide, non-exclusive, royalty-free licence to access your Content through the Service, and to use, reproduce, distribute, prepare derivative works of, display and perform such Content to the extent permitted by the functionality of the Service and under these Terms.
8.2 The above licenses granted by you in Content terminate when you remove or delete your Content from the Website. The above licenses granted by you in textual comments you submit as Content are perpetual and irrevocable, but are otherwise without prejudice to your ownerships rights, which are retained by you as set out in paragraph 7.2 above.
Interesting. You still retain full ownership and copyright, but aside from granting rights to YouTube which would be required to provide the service, I wasn’t aware you also grant quite wide rights to every user of the service. Obviously they need rights to view and post links and embed on other sites, but it goes further into derivative works and everything, royalty free. Which doesn’t sound like ‘limited’ rights as they describe earlier.