These companies have come together under the umbrella of the Alliance for Open Media in order to churn out a new open source video format. Two names which are painfully absent would be Apple and Facebook.
The new format has yet to be christened, and it might just be a step in the right direction to make a move away from Adobe Flash that has managed to last all this while. The whole idea of the new format is to cater for video streaming over the web that will also cater for low-powered devices. In terms of security, there is support for copy protection, and not only that, it will be royalty free. Well, we have heard of whispers of Apple working on their own video content, which could explain their absence here.