From MPEG's March 2011 press release:
'As announced in January, MPEG will develop a new video compression standard in line with the expected usage models of the Internet. The new standard is intended to achieve substantially better compression performance than that offered by MPEG-2 and possibly comparable to that offered by the AVC Baseline Profile. MPEG issued a Draft Call for Proposals (CfP) for Internet Video Coding Technologies that is expected to lead to a standard falling under ISO/IEC “Type-1 licensing”, i.e. intended to be “royalty free”. Proposals are due in October 2011 and will be evaluated at the 98th MPEG meeting in Geneva. It is expected that this standard will become the default video codec for internet applications.
The text of the Call for Proposals is available at http://mpeg.chiariglione.org/working_documents/explorations/opt1-licence/opt1-lic-cfp.zip. Responses to this call are due in October 2011 and will be evaluated at the 98th MPEG meeting in Geneva.'
