Ever wanted to create a YouTube kind of site? Panda it.

There’s a new easy solution if your looking to run a website that let’s users upload, transcode and play video via the web.

If you have a little coding knowledge you can use the new Panda video service.

This Open source service which runs entirely from Amazon’s Web Services. (Or in the cloud – whooooaaa.)

With YouTube allowing websites to embed their videos on other sites, and now the YouTube API, where users can upload to YouTube via your site, and even redesign the YouTube player, why would this service be useful?

Well, if you want to encode in a different format than Flash or at a higher quality, use a completely different player or if you don’t want pre or post roll adds on them, sold by Google. In short if you want YouTube like functionality but want to have full control.

Of course streaming online video is still expensive. Even when using one of the services ‘in the cloud’ where you usually only pay for the bandwidth you use.