BBC building new video codec


As a part of rolling out access to the BBC Archives, the BBC is developing their own video CoDec (coder decoder) which uses wavelet compression and is said to be at least as efficient as the current front runners (although H.264 isn't addressed directly) and is expected to not only be open source, but patent free.

I'm not sure how they're going to get around existing video compression patents, but we'll see...