The folks at Avid will be releasing a free (limited) version of their popular Media Composer software later this year. By all accounts it will address the iMovie and Youtube market.
That said - the release could be a useful tool for producers who prefer a more hands-on approach to offline editing and pre-post preparation.
Avid Media Composer is the world's leading professional video editing system, used and trusted throughout the movie and television industries. In fact, it's currently used to edit 99% of all North American primetime television. And 100% of the 2015 Oscar nominees for Best Picture and Best Film Editing used Media Composer. That's a pretty impressive mix of quantity and quality--nearly every show on television in the prime hours, and nearly all of the best-loved and most award-winning television shows and movies.
More details available here - http://www.avidblogs.com/five-things-to-know-about-media-composer-first/