Today at the Google I/O Conference Google announces the release of the open source , Royalty free Video format WebM using the VP8 codec which Google acquired from on2.com . Mozilla has also teamed up with Google to discuss about the new WebM project which google has said would deliver high quality open video format for everyone on the Web .

All videos on youtube are also being converted to support the above new Format , also the CTO of Opera will hold a discussion about the new project . As reported by Mashable this is what will be included within the new project :

“In addition to announcing WebM, Google also told the audience that WebM support will be coming to YouTube as part of its HTML5 experiment. All video that is in 720p or higher uploaded to YouTube from today onward will be encoded in WebM in addition to H.264.

One issue that has been raised in the debate over HTML5 and Flash, in terms of web video, is the issue of what video codecs HTML5 supports. Right now, HTML5 supports both H.264 and Xiph’s Ogg Theora. While free for end users and for users who upload video to the web, H.264 is not a royalty-free technology. A consortium called the MPEG-LA, which includes Microsoft, Apple, Panasonic, Nokia, Sony and many other technology companies, oversees license requirements. “

Adobe’s Kevin Lynch spoke at Google I/O and announced that Adobe plans to build VP8 support into Flash and that WebM can be used with Adobe products like Dreamweaver.