Several large tech companies including Google, Microsoft and Netflix have announced they will cooperate on a new open video standard. Together with Amazon, Cisco, Intel and Mozilla they've started the Alliance for Open Media.
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The goal of the cooperation is to develop a high quality, interoperable and open video standard that works on any device and be used without paying royalties. The standard should become available for both commercial and non-commercial products.
Developers of video encoding/decoding hardware and software currently have to pay royalties to the developers of video codecs. By developing an own, open standard those costs are gone.
