Now that's a weird headline that deserves some explanation.
To make a long story short, Paramount has entered into an agreement with YouTube and Google Play (Google Inc.) so that 500 of its titles will appear on the services.
Unfortunately, they won't be for free consumption – which begs the question why put it on a service known for only free, ad-supported content – and will be priced according to imbued value, rental vs. purchase and SD/HD options.
With Paramount, Google now has a total of six major studios on board with the project, bringing the available titles up to a respectable 9000.
All in all, for most people, it's just another option for consuming content on the web. That is, if you miss it in theatres, it isn't on Netflix and you don't want to set up an iTunes account.