The new graphic file formats for the new web.

Now that HTML 5 is gaining traction expect to see also major changes on the graphic types that get uploaded to websites.

Google has released the specs for a new format, WebP

Read the specifics from Google, like how it provides lossless and lossy compression for images on the web. WebP lossless images are 26% smaller in size compared to PNGs. WebP lossy images are 25-34% smaller in size compared to JPEG images at equivalent SSIM index. WebP supports lossless transparency (also known as alpha channel) with just 22% additional bytes. Transparency is also supported with lossy compression and typically provides 3x smaller file sizes compared to PNG when lossy compression is acceptable for the red/green/blue color channels.

Webmasters and web developers can use the WebP image format to create smaller and richer images that can help make the web faster.

But wait!!! There is more!!

BPG wants to replace PNG and JPGs

https://eek.ro/why-bpg-will-replace-gifs-and-not-only/

Go to their website and check the demos. It is worth seeing

Advantages?

Animation support. You can have a GIF half the size of an MP4.
Video inline play (but without sound). One of the biggest problems is that on Mobile Safari no video can be played inline. GIFs solve, and when we have GIFs that are 5% the size of the original, that’s epic!
High compression ratio. Smaller than a JPG and even smaller than Google’s WebP with similar quality if not better.
You can start using today with a Javascript decoder.

This other website shows you a cool demo