To all the kite and drone on fire suggestions - flames don't trail cleanly and evenly behind objects and linger in mid air for many seconds. This is obviously not flame. I could maybe see someone guessing Saint Elmo's Fire, but anyone who thinks that is an active flame needs to stop watching Micheal Bay films.
I have strong reservations about the quality of the video. Whenever you find videos of unlikely or impossible physics on the internet, isn't it amazing how so many of them are filmed in such unbelievably terrible quality? I mean, this doesn't look like it was captured by a digital camera, it looks like a friggen camcorder tape.
Yeah, no. In my mind, either these schoolkids are capturing video with a camera phone that's a decade obsolete (highly unlikely), or they decided to be "clever" and make a fake video of them acting out being amazed at something in the sky, then run it through their PC to add in the silly mystery light and slather the whole thing in a thick layer of digital noise to make it harder to spot the seams.
Good enough to fool their mates, yeah? Get a little bit of attention at school, impress their friends.