People store large quantities of data in their electronic devices and transfer some of this data to others, whether for professional or personal reasons. Data compression methods are thus of the utmost importance, as they can boost the efficiency of devices and communications, making users less reliant on cloud data services and external storage devices.
Vvc is h266, the spec is ready it’s just not in a lot of hardware, or even decent software yet, that often takes a few years. The reference implementation encodes at like 1fps or less, but reference software is usually slow as hell in favor of correctness and code comprehension.
Av1 isn’t much better than hevc (h265), it’s just open and patent free and Google is pushing it like crazy.
It has iirc 1 major feature over hevc, non-square subpictures, beyond that it has some extensions for animation and slideshows basically.