The new format, which has yet to be named, could make it easier for web giants to move away from Adobe Flash, which, despite recent calls for its death, has stubbornly endured. It will be designed specifically for delivering streaming video over the web with the aim of making it suitable for low-powered devices. It will also support copy protection, a must for companies like Netflix.
Source: Tech’s Biggest Names Unite to Create a New Video Format | WIRED