Netflix, Intel, Google, Cisco, Mozilla, Amazon, and Microsoft have joined forces to launch the Alliance for Open Media. This alliance will develop a next-generation video format that is interoperable, optimized for the web, scalable to any modern device, designed with a low computational footprint, and provided royalty-free. The alliance will operate under W3C patent rules and the code will be released under an Apache 2.0 license. The alliance will also share legal resources in order to protect all companies and individuals who use the codecs.
For more information, read the official announcement.
