Google has updated the Global Media Controls which lives under the music note in the Chrome toolbar.
The controls have added a progress bar, which is actually great for an unrelated feature.
The addition of the progress bar means that Picture in Picture video in Chrome will finally have a transport control, which is an element that has been sorely lacking in the floating window. This should make it easy to skip around a video in PiP mode without having to return to the tab the video is playing from.
The feature is now in Chrome Canary, though it appears it is part of a controlled test and not available to everyone.
via Leo Varela.