Google announces WebP and WebM new image and video formats: more efficient compression12
The new WebP format could be a huge relief for graphic-intensive websites and will make loading them faster, and the end user experience ultimately better.
Additionally, Google has also unveiled a new video codec, the webM VP9 that is 63% smaller than H.264. It still delivers the same quality at the lower bitrates. That is huge news for those who consume a lot of video on their mobile devices, and of course it will come to YouTube.
source: Google I/O