With 4K video becoming more of a 'thing', Google is wanting to get the amount of data it consumes through your Internet connection down to a more acceptable level.
The company is developing a more efficient video compression codec called VP10, which has been in development for over a year now. Compared to H.264, VP9 uses half the bandwidth to provide users with the same quality video, while VP10 halves that again. VP10 will also feature sharper images, better colors, and a better dynamic range between lights and dark.
Google is hoping to reach its performance targets for VP10 by the end of 2016, so we're a little while away yet.