Google, Intel, Mozilla, Netflix and others form Alliance for Open Media

The overall aim is to create one format to rule them all, in the hopes that a single overarching video codec will be adopted by everyone in the industry, and ensure that high quality video will be accessible to everyone who wants it.
Matt Frost, the Strategy head of Chrome, said that the ‘combined strength, resources and expertise,’ of the AOMedia partners meant that the new media format would arrive sooner and faster than had each company had pursued individual net generation web media projects.
Alliance for Open Media’s short term objective

The first key aim of the Alliance is to deliver a new generation video format that is:

    Interoperable and open;
    Optimized for the web;
    Scalable to any modern device at any bandwidth;
    Designed with a low computational footprint and optimized for hardware;
    Capable of consistent, highest-quality, real-time video delivery; and
    Flexible for both commercial and non-commercial content, including user-generated content.

Each member of AOMedia is expected to bring their own specific expertise and knowledge to the table. Each participant is likely to waive certain propriety information and patent rights in order to design and build code that will become the new open standard for video playback on the web.