Rejoice. One major component of modernity - video - can now be compressed using a stable, specified and fully open royalty-free video codec, with AV1, which is also most efficient.
I did not play any role in this achievement, so I have to thank all contributors, notably Google, Cisco, Mozilla, VideoLAN, IBM, Intel, AMD, ARM, Microsoft, Netflix and NVIDIA, BBC, Amazon and Realtek.
Impatiently waiting for an AV1-ready environment
2023 Update: We're getting there...