FFMPEG alone is not sufficient. You will need many other FFmpeg collections of tools, libraries, and codecs to host video hosting and streaming service similar to YouTube or Dailymotion.
Moreover, you will also be needing a good hosting provider who fully supports FFMPEG to allow running necessary commands and tools to convert and encode video into formats, including MPEG-4 and Flash, MPEG-4, OGG, H.264 etc
Here is a quick list of hosting providers offering specialized FFMPEG hosting :