The rapid advancements in Large Language Models (LLMs) and their multimodal extensions (MLLMs) have ushered in remarkable progress in video understanding. However, a fundamental challenge persists: effectively processing and comprehending video content that extends beyond minutes or hours. While recent efforts like Video-XL-2 have demonstrated novel architectural solutions for extreme efficiency, and advancements in positional encoding such as HoPE and VideoRoPE++ aim to improve spatio-temporal understanding over extensive contexts, current state-of-the-art models still encounter significant computational and memory constraints when faced with the sheer volume of visual tokens from lengthy sequences. Furthermore, maintaining temporal coherence, tracking complex events, and preserving fine-grained details over extended periods remain formidable hurdles, despite progress in agentic reasoning systems like Deep Video Discovery. This position paper posits that a logical, albeit ambitious, next frontier for multimedia research is Infinite Video Understanding -- the capability for models to continuously process, understand, and reason about video data of arbitrary, potentially never-ending duration. We argue that framing Infinite Video Understanding as a blue-sky research objective provides a vital north star for the multimedia, and the wider AI, research communities, driving innovation in areas such as streaming architectures, persistent memory mechanisms, hierarchical and adaptive representations, event-centric reasoning, and novel evaluation paradigms. Drawing inspiration from recent work on long/ultra-long video understanding and several closely related fields, we outline the core challenges and key research directions towards achieving this transformative capability.