Video Coding Standards Progress Report: Joint Video Experts Team Launches the Versatile Video Coding Project

Video comprises as much as three-fourths of IP traffic, 1 and has a huge impact on our lives by other measures as well, such as the multiple hours per day spent watching it in typical households and the amount of storage capacity devoted to it on the world’s servers and personal devices. Moreover, the percentage of video traffic has been increasing and is expected to further increase, 1 as consumer applications continually move toward higher resolution, higher fidelity, higher frame rates, higher dynamic range, higher bit depth, etc. Compressing video better continues to be a major market need, and a very active area of research and product development.