h.265 also known as High Efficiency Video Coding (HEVC) has finally been approved. The cool thing with this new codec is that it reduces the needed bitrate to produce a high quality stream by nearly 50%. It requires more CPU power that is less of a problem nowadays.
It will of course take a few years until the new standard is available on all devices but it’s certainly a very good step that we’ve at least got a standard.
More about this over at Techcrunch.