The new AV1 video compression technology (codec) launched on March 28 and is the creation of the Alliance for Open Media, an organization consisting of numerous technology firms. Facebook engineers put the new technology through a benchmark test that tried to mimic Facebook’s real-life production environment as close as possible. The only downside was that AV1 compression times took longer than existing codecs, but this was expected. Tech giants like Google, Twitch, Amazon, Microsoft, Hulu, and others have already shown interest in supporting the AV1 codec for their respective video streaming products.
Source: https://www.bleepingcomputer.com/news/technology/new-av1-video-codec-is-actually-fast-facebook-benchmark-reveals/