Yahoo joined the likes of YouTube early Thursday, relaunching Yahoo! Video to include viral video. The addition of user-created content shows that the movement is gaining steam, and traditional Internet companies are now attempting to cash in on the new phenomenon.

Users will have the option to either browse through an editorially chosen list, or search by category and tags added by the creator when the video was uploaded. Videos can be sent to friends via Yahoo! Mail or Yahoo! Messenger.

"As the video space continues to emerge, our strengths in search, content, personalization and community make it possible for Yahoo! to offer a highly engaging video experience for both users and publishers," said Jason Zajac, general manager of social media at Yahoo.

Like YouTube, users will be able to paste the video onto their own pages and Web sites. Videos would be either hosted by Yahoo, or through another site. Yahoo's video search could potentially even include videos from YouTube, although clicking the "play" button would take the user to that site.

Through "MyStudio," content owners would be able to upload their video, as well as view statistics on who is watching and see user ratings. Additionally, once uploaded, the videos may be featured elsewhere on the Yahoo network outside of the video site, the company said.

Those interested in trying out the new service can access it at the Yahoo! Video Web site.