Microsoft, Google, Mozilla, Cisco, Intel, Netflix, and Amazon today launched a new consortium, the Alliance for Open Media. The group plans to develop next-generation media formats - including audio and still images, but with video as the top priority - and deliver them as royalty-free open source, suitable for both commercial and noncommercial content.
The problem is that the supposed next-generation codec, HVEC, is going to be a lot more expensive, whereas other initiatives, such as Google's VP9/VP10, would surely face patent trolling from the other major players. By coming together like this, all these players can have a say, without fear of them suing each other. That being said, smaller players will still want to sue, but at least the united front should make that a little harder.
And, unsurprisingly, one major player is not part of this new initiative. I guess they didn't like the open and royalty-free part.