WebM Project developers have announced that they are nearly done with the development work on the VP9 Codec.
Google is behind this project and they have already confirmed plans to enable support in YouTube as soon as support for this new codec is added in Chrome.
WebM Project developers said:
As discussed at the summit, we’re putting the finishing touches on the VP9 bitstream and finalizing launch plans. We cut the beta bitstream on May 3, and are now accepting final contributor comments and making decisions about experimental code. A draft bitstream specification is well underway. We’ll freeze the VP9 bitstream on June 17, allowing Chrome and Chrome OS to enable VP9 by default.