Google Open Sources VP8 Video Codec, Packs It Into WebM Video Format - Already Available On YouTube

As you probably know, a Google I/O conference was held today and a lot of blogs said they will announce big things. And big it was: Google officially announced the release of an open source, royalty-free video format called WebM which will be using the VP8 codec Google aquired from On2 as well as Vorbis audio.