If AVC High Profile is the baseline of modern codec, think MP3 in terms of audio codec. Then what is the next video codec to take over it?
On a 4Mbps AVC video, HEVC would be 2.4Mpbs, VVC should be 1.44Mbps.and H.267 could be 0.86Mbps. Since the curve doesn't always fit the the lower end of spectrum. Let say 1Mbps of H.267 = 4Mbps of AVC.
Bandwidth cost and storage cost reduction are flattening out, at some point the economics of introducing another video codec, costing additional storage and the bandwidth savings isn't so clear cut.
And of course AVC / H.264 will soon, ( I think before 2030 ) be patents free.
H.266 VVC is technically better than AV1. In terms of Quality, Performance and Complexity.
FVC / H.267 is a working name for the successor of VVC. With a target of 50% bitrate reduction regardless of computing power. In all previous case they always have encoding and decoding complexity target. So it seems H.267 is trying to push the boundary of what the current known state of the art compression method without going into AI / Machine Learning. Its current state, ECM 7 is roughly about 30% Bit Rate Reduction compared to VTM 11 ( VVC Reference Encoder ), at the cost of about 8x encoding Complexity and 8x decoding complexity. The encoding complexity increase is surprisingly low, but the decoding is the interesting part. FVC / H.267 may turn out to be a Video Codec that will require Hardware Decode to work properly.
Or H.264 AVC. Which is currently the most used video codec on the planet. And its patent is about to expire within a few years time. I wonder if we could push the Patent Free Video Codec with new improvement. Especially with Learnings from JPEG XL.
If I am willing to pay, then of course I wish the best Codec win. But we dont live in that world. 90% of Silicon Valley are on the AOM Camp. And AOM ( Or Specifically Google ) doesn't seems to be working much on AV2, which they originally promised to be out by 2020. And if I remember correctly, AV3 by 2023 or 2024.