The multitasking feature allows users to minimize their current video to a small box on the bottom-right of the screen, bringing up a search function where you can find new videos. We can now search for cat videos while we watch cat videos. When you find what you're looking for, the minimized window can be quickly closed or brought back to full screen by swiping your finger right or left, respectively.
Increased search functionality has also been added so users can search for playlists and tap the "play all" button for a seemingly endless wave of video content. You can find YouTube Version 2.0 in the App Store right now.