Running a small business and getting CVs myself, I can tell you that this is a horrible idea!
Nobody want's to skip through a video to find your software skills or last projects overview. Nobody is going to print out the frames to make your video comparable with other applicants who send in classic PDFs. Actual I wouldn't even spent 2 minutes to watch the whole video, when I can get the same information in less then 30 secs from a well designed, clear application in PDF.
Get yourself into the perspective of the person who receives your application. Getting a video as application is pure work: reading the mail, clicking the link, ohh browser update... ohh youtube, but our internet connection is pretty low today, so it takes 5 minutes to buffer... ohh, I missed a part, have to go back, now I'm bored because I was going back to far and see the same stuff I already have seen before, ohh, now the animation is too fast and I have to pause the video to read everything and so on.
Keep it simple: classic CV with link to the showreel. That's something I can easily look up over and over again, print out and bring to a meeting or save on my computer in the applications folder.
*Martin