I tried to update latest release on youtube-dl but I can't update and while I tried got the error like
"It looks like you installed youtube-dl with a package manager, pip, setup.py or a tarball. Please use that to update."
Try:
youtube-dl -U
If you used pip to install youtube-dl in the first place then, use:
pip install --upgrade youtube-dl
If that doesn't work, you can always reinstall it using homebrew:
brew install youtube-dl