AV1
The royalty-free video codec the industry banded together to build in order to stop paying licence fees for H.265.
The Alliance for Open Media was formed in 2015 by Google, Netflix, Amazon, Mozilla, Cisco and Intel among others — competitors uniting around the view that HEVC's patent fees were untenable. The specification was finished in 2018 and builds on Google's VP9.
Compression is roughly 30 per cent better than VP9 at equal quality. The price was long encoding time: early encoders were orders of magnitude slower than H.264. Hardware decode support is now in every new graphics card and most phones, and YouTube and Netflix already stream in the format. A successor, AV2, is in progress.