This is a very intriguing video that I think is genuine footage. I don´t see anything in this video, that points to a fake. This is just some innocent people enjoying the sudden surprise in the sky. This video is quite dramatic with helicopters investigating UFOs over Hollywood.
There are some hints in the video, which I think indicates these objects are under intelligent control, and by their behavior, these UFOs seem to represent some very advanced technology. From the beginning of the video, you see 5 lights, a triangle formation high in the sky and two lights low in the sky. But let´s move to 0:48 in the video, where you´ll see object A (see the screenshots further below) moving up from behind a building in the horizon, and just continues to get closer and closer to the camera position. Around 2:15 in the video, object A seem to stop and hover. The other two objects, object B and C, seem to stand their ground in the distance, while only object A seem to move.

There are some hints in the video, which I think indicates these objects are under intelligent control, and by their behavior, these UFOs seem to represent some very advanced technology. From the beginning of the video, you see 5 lights, a triangle formation high in the sky and two lights low in the sky. But let´s move to 0:48 in the video, where you´ll see object A (see the screenshots further below) moving up from behind a building in the horizon, and just continues to get closer and closer to the camera position. Around 2:15 in the video, object A seem to stop and hover. The other two objects, object B and C, seem to stand their ground in the distance, while only object A seem to move.
These UFO spheres, or just lights in the sky, are seen all over the world in an increasing number. They are seen in both small and big numbers, from the lonely triangle formation to hundreds of them, hovering or moving slowly over cities, and lucky enough, they are filmed by more and more people. Just the day before July 7, 2012, in Russia at Obruchev Swad street in Moscow, the same type of lights were also filmed from an apartment, see below...
If those unidentified flying objects are terrestrial or extraterrestrial in origin, is another question, but something is here and the technology it represents, is unknown to us. It seems to observe us and show us they are here...
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The dialog and to some degree the narration of whats is happening made me suspicious, the fact that its over Hollywood is just a little sign to be cautious :)
The channel seems to be for promoting music and their music videos. Still, It might be something here, but I think being cautious here is the best approach.