It came to my attention that an open source project Daala is developing a royalty-free video codec claimed to have better efficiency than the recently adopted H.265:
"Daala is a new general-purpose video codec currently under development at Xiph.Org. Our performance target is roughly a generation beyond current 'next-generation' codecs like VP9 and HEVC, making Daala a next-next-generation effort. As with other Xiph codecs, the Daala format is and will always be royalty-free with a permissive FOSS license. On May 30th 2013, our in-development Daala prototype encoded and decoded its first streams. Two hours later, Mozilla's David "oneman" Richards streamed the first live Daala video over the Internet."