Media Manager has a "version" feature on its content. This allows you to upload new versions of a given content and at the same time keeping its information like ID, chapters, links, description, title all the same. This is good if you want to make a correction to a video, but at the same time not compromise its analytics by having to upload a whole new record.
You can add a new version by going to the versions tab on the Edit popup.
NOTE: YOU MUST HAVE THE VERSIONS FEATURE ATTACHED TO YOUR ACCOUNT IN ORDER TO USE IT, SO THE VERSIONS TAB MAY BE GREYED OUT IF YOU DO NOT HAVE IT.
You can switch between the versions simply by ticking it and clicking "Done". The video will then use that version from now on and any durations and created values will be updated also. Versions cannot be deleted, so you can switch between any of them at anytime and any new version uploaded won't affect the live version till its been fully encoded or you select it.