The baby does look a bit red but the situation might improve right after dad gets done feeding it. Maybe it's my imagination but I think the color was looking better by the end of the video!
If it still looks red tomorrow you can carefully assist feed it some fluid. srtiels has information at
http://www.internationalcockatielresour ... hicks.html Besides the skin color, look at the baby's abdomen to see if the intestines look dark.