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Google (GOOG) issued a statement saying that YouTube video would now be included in video search results through it Google Video search index.

The company officially defined the difference between the two services by saying that Google Video would continue to focus on creating new video techologies and search, while YouTube would keep to its purpose of being the place people go to share, upload and view video.

The statement released by the company said, "Ultimately, we envision most user-generated and premium video content being hosted on YouTube so that it can further enhance the YouTube experience. We also envision YouTube benefiting from future Google Video innovations -- especially those involving video search, monetization and distribution."

This seems to end the speculation that Google Video and YouTube will merge, but rather they will keep their separate identities while having limited integration.

What is interesting is the direction Google will take the monetization of YouTube. Of course there are the existing deals with some of the larger, traditional media companies, but the question arises on whether the average, everyday user will be offered ways to get a piece of the pie. If they do that, it could be a devastating blow to those companies that are trying to differentiate by already offering that option to their users.

For online marketers it could add a potential significant stream of income depending on the specific plans Google has in mind.