Google lets get YouTube an own video advertising network. The network is based on AdWords and has identical or similar functions by enabling bidding and placements, but is optimized for the purpose of video advertising. Video ads booked on the network will appear within the YouTube platform and on the Google display advertising network.
A bit confusing within this context is the name Google AdWords for Video with only the addition „powered by YouTube“ hinting to the video platform. Furthermore the service is installed at an external site beside both YouTube and AdWords, which might change after the beta phase. Below is a video presentation and further information is available by this review of MediaPost and at the AdWords for Video website.