Step 1: Insert Menu & Select Video
Step 2: Choose Google Drive
Step 3: Select Video & Insert
Your slide should look similar to the image below with an embedded image of the video. When you switch to presentation mode, you will be able to play the video.
Some of you may have the question, "How do I convert a video to an MP4?" Here is a link to a video to help you out. As always, make sure you cite your sources in your work. After you convert the video, upload it to Google Drive and turn the link sharing on. I personally set most of my videos to "anyone with the link can view" unless it is of students.
I am very happy about this update! Bravo Google!