There is a draft prepared for the High Efficiency Video Coding codec. This codec, also called h.265 it is called, would be a better video quality is achieved at a constant bitrate, and up to two times better compression than h.264.
The ISO/IEC Moving Picture Experts Group and the ITU-T Video Coding Experts Group have worked together in the Joint Collaborative Team on Video Coding the draft prepared. The codec to the common h.264 codec is going to follow. There are several algorithms added to improve the image quality. Hevc, among other things, can be applied for ultra-hdtv that has a resolution of 7680×4320 pixels, but requires the increase in complexity more processing power to decode.
During the development process of the new codec to the new Joint Collaborative Team on Video Coding working group a few drafts drafting of the specification. With the adoption of the committee draft is an important milestone achieved. According to the planning the final hevc standard in January 2013 ready and then ratified to be an official standard.