Storage space? Meet the grim reaper. Nobody cares about you any more.

In a move that will no doubt delight amateur filmmakers, content rippers, and people who love filming their cats doing wacky things, YouTube announced this past Wednesday that it has increased it's upload limit from 100MB to an impressive 1GB. (Source: Readwriteweb.com)

With the thousands of hours of content already on the site at only 100MB per file, there's no telling how large the company's storage capacity must be now that files can go up to 1GB.

While it is unclear if the increase in file size will translate to an eradication of compression (the current Flash-based codec has a maximum of 300kbits/s), what is certain is that the site's ability to stream high-quality content is closer than ever. However, while the file size has been increased, the 10-minute limit per video still remains.

Aware that the 10-minute limit can be irksome for people uploading many files, YouTube is also providing a multi-video upload utility which will make putting up many videos a much easier and more user-friendly task. However, this downloadable utility is only supported on Windows at the moment, with Mac compatibility expected shortly. (Source: Betanews.com)

This is no doubt the first wave of a series of canvas-altering changes that were likely put into place when the internet sensation was bought for a record sum. It seems clear that soon the 10-minute limit will also disappear. A DVD-quality video will no doubt follow, and two years from now the world of video sharing may be as different as it was, well, two years ago.