The Mess Hall

H.266 or VVC aka Future Video Coding (FVC), has been announced and should help reduce video file sizes without a reduction in video quality.

For manufacturers, such as Apple, Samsung, Google etc, there will be a licence fee, for encoders this is free/waived, similar to the way H.264 and H.265 work.
https://en.wikipedia.org/wiki/Versatile_Video_Coding

https://www.cinema5d.com/h-266-versatil ... announced/

The new standard is fast becoming AV1

https://www.howtogeek.com/778804/what-is-the-av1-codec/

With new AMD, Intel and Nvidia GPU's supporting it out of the box.