VP9 is an open and royalty free video compression standard being developed by Google and the successor of VP8. If you're into video, you'll be happy to know that Google Chrome Team is working on it right now.

Actually, you can already play VP9 videos in WebM containers by running chome with the switch --enable-vp9-playback.
Here's a sample video with a bear to try: http://docs.google.com/uc?export=download&id=0B8R1QvA3x5IbS3VSLUdMNXdmT0E

Source: https://chromiumcodereview.appspot.com/12045060
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