A lot of Internet giants are cooperating to make AV1 the next big standard for video. This open-source video codec is almost finished and one of its big advantages is that it's a lot more efficient than currently used formats. This allows firms to save money by lowering the bandwith, or to stream higher-quality video without having to pay more.
Tests show that AV1 requires 27 percent less bandwidth than H.265 and 45 percent less than H.264 - while maintaining the same video quality. It's also about 24 percent better than Google's VP9 codec. Google ditched work on VP10 in favor of AV1.
Backers include Apple, Google, Mozilla, Microsoft, Amazon, Facebook, Hulu, Netflix, AMD, Intel, NVIDIA, and others. With broad industry support and clear advantages, this standard will likely see very quick adoption. The latest Firefox Nightly has experimental support for AV1 and VLC added test support to version 3.0 of its media player.