Successor of H.264 in Development

Today, the main video compression format is the H.264, used in BD, by Apple and YouTube for compressing video available from the web. It ensures an excellent quality of the image with a interesting compression ratio.
While it fully responds to current and probably futures needs, its potential successor is already being developed under the code name: HVC or High Efficiency Video Coding. This new format will support video with resolution reaching 8kx4K, but it also expects to directly compete with H.264 and MPEG2. The goal is to improve the ratio GB of video and quality. While it will most likely be draining more resources, it might offer higher quality for a smaller size format. However, this is again only preliminary claims and we would have to wait for first tests and beta to evaluate the real performance.