Fraunhofer HHI, the institute that has created many of the world's most popular audio/video coding and compression standards, has finalized the next standard for video: H.266, AKA Versatile Video Coding (VVC). The new standard is supposedly twice as efficient as its predecessor, H.265/High Efficiency Video Coding (HEVC). For example, it will be possible to store a 90-minute 4K video in just 5 GB, instead of the 10 GB that would be required with H.265/HEVC, with no loss of visual quality. The new standard can be used for saved as well as streaming video, and supports resolutions from 8K down to SD. It also supports HDR and 360deg video. The standard will be licensed by an industry group that includes as its members Apple, Canon, Dolby, Ericsson, Intel, Nokia, Oppo, Orange, Sony, and Tencent. Companies are already designing chips for hardware-accelerated use of the new standard. Fraunhofer has committed to publishing the first software to support the standard this fall.