YouTube has just been reported to complete the purchase of Green Parrot Pictures, a digital video company that specializes in improving picture quality in videos. The company that has used its technology to help improve video quality in blockbusters such as The Lord of the Rings, X-Men and Spiderman, has developed a new technology that is said to improve video quality and playback speed while reducing bandwidth the videos require. Without a doubt, YouTube wants to make use of this technology to improve the quality of user-made videos uploaded onto their website. No details about when this technology will be implemented, but let’s hope it’s sooner than later. After all, who wants to watch grainy 240p videos on YouTube anymore right?