It is far more likely that YouTube will go bankrupt, since running a free video service where videos are almost infinite and cache hits much lower is very costly. Couple that with all the other advantages of being with Google like access to talent and infra, I don't see YouTube surviving with Google. It's possible that the tab will be picked up by Facebook video, and that is an even worse platform and more closed.
I don't see a cheap way of solving the YouTube problem. (Yes P2P exists but has too many problems like battery consumption on phones and NAT).