CYBERSPACE – Google launched its new web-based video search service on Monday, allowing users to search by keyword through the company’s indexed database of video from Greenpeace, Unicef, CNET Networks, and others that have been uploading content since April.The video search engine compliments Google’s existing search feature, which allows people to search the closed-caption text from PBS and CNN television shows hosted by Google.

The new video search is indicated by a triangle icon on the search results. Google Video Viewer is necessary to view the content. Once users download the viewer, they can watch an entire piece of video or just the portion that contains the searched-for keywords.

Searchable and viewable content ranges from humorous videos of break dancing or karate-chopping monkeys, to popular and historic videos.

Google did not offer a more complete list of content providers.

Google and Yahoo are locked in a tight race to provide search for every type of content. Yahoo’s finalized version of video search was introduced in May.

For the moment, Google Video is only available in English. The video viewer only works with IE 5 or newer versions, and Firefox for Windows. The site is also devoid of advertising.

This is the latest step in the company’s move to offer more comprehensive media services. Google representatives have confirmed a payment system is in the works, which should not compete directly with eBay’s PayPal online payment system.

Speculation from analysts indicates that the payment system will enable more broad-based video viewing.

Allen Weiner, an analyst at Gartner, suggests that Google will be able to charge users per-view or subscription fees, and include advertising in the video stream.

“They are actually the first ones in this video search business to basically show us an end-to-end ecosystem,” Weiner said. “I think one of their strategic goals was to create a technology and business model to attract videos higher up in the food chain,” such as from movie studios, he said. “It won’t be a business until the next level of video comes. This is big stuff.”

The FAQ on Google’s video site says Google Video will only make content available to users for free now.

However, the option to charge will eventually be available and Google will take a “small revenue share to cover some of our costs.” Google may charge users a fee or take a larger percentage of revenue for popular video that takes up higher bandwidth, which necessitates a payment system.