From The Register:

Google has taken a swashbuckling step towards open and license-free web video by open sourcing the leading codec from On2 Technologies, the video-compression outfit it acquired earlier this year for $124.6 million.

This morning, at Google's annual developer conference in San Francisco, Google vice president of product management Sunder Pichai announced that the company has open sourced On2's VP8 codec under a royalty-free license. The codec has been combined with the existing Ogg Vorbis audio codec to create a new open source format known as WebM, and Google has already started encoding videos with the codec on YouTube.

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