This solar flare was recorded on July 19, 2012. The color has been added because otherwise we could look at it -you know what they say about looking at the sun. Dr. Phil Plait tells us what's going on here.
What you’re seeing is the profound impact of magnetism on the material in the Sun. I’ve described this effect before (with lots of juicy details here), but in a nutshell: The gas inside the Sun is so hot it’s ionized, stripped of electrons. When that happens it’s more beholden to magnetism than gravity, and when the magnetic field lines pierce the Sun’s surface they form loops along which the ionized gas (called plasma) flows along them.
The total time represented by the video is 21 hours. The flare, though small against surface of the sun, is many times bigger than the earth. Read more about it at Bad Astronomy. Link
And the real fun starts with more macroscopic effects that can change the magnetic fields and flows together. E.g. too much current in the plasma gives the Kink instability or too much flow causes the firehose instability, and you get wiggles and structure forming along the flows down the field lines.
So if you have heating in the center of the loop, you can keep pushing plasma out of both ends. Although loops on the surface of the sun also have a lot of structure you can't easily see in such videos, due to some of the plasma around them being too cold to light up as much or to the same colors that are being looked at in such videos, so that is another source of material and flow.