"The initial project will pursue a new, open royalty-free video codec specification and open-source implementation based on the contributions of members, along with binding specifications for media format, content encryption and adaptive streaming, thereby creating opportunities for next-generation media experiences."
"The triumph of open standards has manifestly demoralized Chiariglione, who grudgingly admits that a combination of rent-seeking by MPEG members and legal threats from patent trolls has spelled the end of the "business model" of creating standards for the purpose of allowing companies to charge royalties for everyday technological activities by injecting their patents into it."
"Two decades on, the institute has decided to terminate the licensing programme for some MP3-related patents which effectively halts industry support.
Although users can still listen to their MP3 files, inventors of new technologies will probably not include the file format in their blueprints as they turn to more advanced alternatives."