Google has announced that they have open-sourced their recently acquired VP8 video codec and created a new container file format called WebM.
WebM is an open and royalty-free container that combines the VP8 video codec with Vorbis and will run within web browsers that support HTML5.
The project's launch is also supported by Mozilla and Opera, both of which has released developer builds of their browsers which add support for the format. Google's Chromium will have support starting with tomorrow's nightly builds.
This is excellent news for proponents of open web standards.