According to a support page from Google, you will not be able to upload any new video content to Google Video.
Google Video will continue to focus on search and search technology. This move will allow Google to spend more time on technologies that make the information accessible, thus enabling users to search all kinds of videos across the web.
Google’s decision to end video uploads to Google Video makes sense. Back in 2007, as part of the Google Universal Search rollout, Google Video was more of a meta video search service than for hosting videos. Video hosting has still been allowed since then, but Google-owned YouTube certainly was the beginnings of this end.
This change applies to all account. Existing videos will remain and there is a recommendation to move your content to other locations like YouTube.
This change does not apply to Google Video for business, who can continue to use the service as usual.
Read more here.