Actually that’s not really the headline. Some of the big players (Amazon, Cisco, Google, Intel, Microsoft, Mozilla and Netflix, but not Apple or FB) are coming together to create an open source video format for internet video that they don’t have to pay royalties to use.
They are actually poking at H.265 (the successor to H.264) put together by
ISO/IEC Moving Picture Experts Group and ITU-T Video Coding Experts Group (VCEG).
I’m not sure what this means for us in education? Backwards compatibility is paramount for us. Will Firefox and Chrome bail on the older H.264 video (e.g. MP4) . How easy will it be to convert our current resources to the new format?
Here’s a basic report from Wired
https://www.wired.com/2015/06/whats-wrong-flying-pterosaurs-jurassic-world/http://www.wired.com/2015/09/techs-biggest-names-unite-create-new-video-format/
Those with a technical bent might want to read this
The Streaming Industry Gangs up on HEVC with the Alliance for Open Video
http://www.streamingmedia.com/Articles/Editorial/Featured-Articles/Commentary-The-Streaming-Industry-Gangs-up-on-HEVC-with-the-Alliance-for-Open-Video-106115.aspx 
