System and method for crowdsourcing a video summary for creating an enhanced video summary are disclosed. The method includes receiving videos, analysing the videos, creating the video summary of the videos using a building block model, storing the video summary in a video library database, crowdsourcing the video summary to at least one of the plurality of users, enabling the at least one of the plurality of users to review the video summary and identify at least one new characteristic, enabling the at least one of the plurality of users to share the at least one new characteristic on the platform, comparing at least one existing characteristic of the building block model with the corresponding new characteristic, reconciling the video summary along with at least one inserted new characteristic, creating a new building block model, editing the video summary for creating the enhanced video summary.