08/03/2012 06:35 pm ET Updated Dec 06, 2017

WATCH: Has YouTube Been Caught Standing Still?

Has YouTube been caught standing still? The granddaddy of user-generated video is facing some competition in the online video space, from innovative social video apps like Viddy, SocialCam, Vyclone and more, each offering users the ability to shoot, edit and easily share their creations.

It may seem like mobile video exploded over the past year, but we've been recording ourselves performing stupid human tricks on our cell phones for some time now. The Nokia 3650 from 2003 was one of the first phones with integrated recording capabilities, though today it might be remembered more for its ill-conceived ad featuring a cat swinging from a ceiling fan. (Nokia swore it was trick photography and blamed it on an external advertising agency.)

Will new platforms and apps replace YouTube? Or should YouTube shell out some cash to buy one of these promising start-ups?

Watch this week's episode of Freshwire's 60 Seconds of Social Media to learn more about social video.

And in our Social Media Shorthand segment, we'll tell you what those Web addresses that start with, or are all about.

Still got Olympic fever? Check out last week's episode on social media in London 2012.