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Woohoo! The wait is over. Photo sharing site Flickr finally supports video upload and hosting.

When I opted for a Flickr Pro Account exactly a year ago, I knew videos was up next. Flickr is, at least for me and for some people, the best photo upload and sharing site ever. It’s only a matter of time before they leverage that expertise to videos.

And now it happened: Flickr has launched videos.

(Sample Flickr video after the jump!)

There are still drawbacks, however, on this new service. For one, only short videos — as in 90 seconds long, err, short — can be uploaded. Anyone can watch a Flickr video but only Pro members (those who paid $24.95 one-year fee) have the ability to upload.

Videos, unlike photos, cannot also be edited in Flickr. Allowed video formats for now include only AVI, WMV, MOV, 3gp and MPEG (1, 2 and 4). Like in YouTube, videos can be embedded on almost any site but cannot be downloaded.

My first attempt at uploading a video on Flickr encountered an error:

Stocks, Mutual Funds, Forex, Finance Philippines

Bonk!

For some reason we were unable to process this video.

There may have been a temporary problem with our servers, or we may not be able to work with this video file.

You could try uploading the video again, later on.

But the second try was a charm.

Take a look at this video I uploaded to Flickr which I took last year when my friends and I rode the Gyro Drop in Lotte World Amusement Park in Seoul, South Korea.

In a Gyro Drop, you sit in a circular machine that also rotates on its own while slowly ascending a 70-meter tower (see pics below). Upon reaching the peak, it waits five seconds before dropping you on a vertical free-fall! It’s like being dropped from a 20-storey building! See it to believe it — and hear all the shrieks and screams!

What a ride!

Pics of the Gyro Drop – free-fall on a 70-meter tower!

(Pics: www.coasterforce.com)

Gyro Drop - 70-meter free-fall! Gyro Drop - 70-meter free-fall!




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