VP9 open-source video codec and WebP still video compression formats were presented at Google I/O conference. VP9 is said to provide a compression ratio similar to the new H.265, but is royalty-free open source format. WebP format is said to produce 30% smaller size files than JPEG at comparable quality. A Youtube video below shows the official Google I/O presentation of WebM/VP9:
This is Google WebP video presentation from March 2013:
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