2. Purchase a Webhosting
Next you need to purchase a Webhosting provider. The Webhosting is where your actual files will reside. The domain name is just a name, like a name you call yourself. Webhosting is where the actual meat is, where you will install Wordpress, upload a theme, activate a theme, configure your site and where people will access to upload their own videos.
So the main thing to look for in a web hosting company is how much space they give you, what type of support provided, how many databases they give, if they have unlimited bandwidth, and how many email addresses provided. There are other factors involved in choosing a Webhosting but I feel those are the most important ones that you need to focus on.
My hosting of choice is Bluehost. I have a couple of domains hosted with them. They are reliable and have a great support staff ready to help with any problems. They also have all the features listed above. Here is a list of features they have as posted on their website:
You can click here to see other features Blue host provides.
If you want to go super pro, you can go but not necessary, for the Optimized hosting for Wordpress. This is something new to Bluehost and caters directly to the Wordpress community. You will have all the best tools available for hosting a Wordpress site including all features in the shared hosting. This is regular price $12.99/month but there is an exclusive offer for Wordpress users and now it's only $6.99/month.