These are early days and in the coming weeks we'll also invite a small group of partners across other industries, in addition to independent film, to participate in this new option. Anything that brings more content to the YouTube community is a good thing. And making content available for rent will give our partners unprecedented control over the distribution of their work -- they can decide the price of their videos and the rental duration; they can decide when and where their content is available; and they can keep 100% of their rights.
The videos will cost around $5 but the exact price will be set by individual filmmakers. Coverage from USA Today mentions that YouTube will split revenues, but will give the lion's share to the filmmaker.