H.265, the successor to the highly popular H.264 video codec, used for over 80 percent of all the online video, has been approved by the International Telecommunication Union (ITU), allowing it to be used for the creation of video content that is significantly smaller in size than what we have today.
Known also as High Efficiency Video Coded, H.265 allows file sizes that can be around half as much as the current H.264 encoded videos while maintaining the video quality. This allows content providers to supply much smaller files with the same quality, thus reducing the time required to download or stream the video.
But there is another advantage to this. Because the file sizes are now lower, you can have higher resolution videos, such as in 4K, without having obscenely large file sizes.
Of course, for all this to happen, content creators will need to adopt the format quickly for encoding their content. Moreover, hardware and software will also need to be updated to support playback. Hopefully, both these things will happen sooner rather than later.