This is standard boilerplate for all content-hosting services. It gives them permission to handle the video in the product. And also to use it however else they

This is standard boilerplate for all content-hosting services. It gives them permission to handle the video in the product. And also to use it however else they want. YouTube, for example: https://www.youtube.com/static?template=terms https://www.youtube.com/static?template=terms """ By submitting Content to YouTube, you hereby grant YouTube a worldwide, non-exclusive, royalty-free, sublicenseable and transferable license to use, reproduce, distribute, prepare derivative works of, display, and perform the Content in connection with the Service and YouTube's (and its successors' and affiliates') business, including without limitation for promoting and redistributing part or all of the Service (and derivative works thereof) in any media formats and through any media channels. """