"Set for a year-end release, AV2 is not only an upgrade to the widely adopted AV1 but also a foundational piece of AOMedia’s future tech stack.
AV2, a generation leap in open video coding and the answer to the world’s growing streaming demands, delivers significantly better compression performance than AV1. AV2 provides enhanced support for AR/VR applications, split-screen delivery of multiple programs, improved handling of screen content, and an ability to operate over a wider visual quality range. AV2 marks a milestone on the path to an open, innovative future of media experiences."
AV1 was mid. Extremely slow encoding and minor performance gains over H265. And no good encoders on release.
H266 was miles ahead but that is propriatary like 265. So win some lose some.
Compression and efficiency is often a trade-off. H266 is also much slower than AV1, under same conditions. Hopefully there will come more AV1 hw encoders to speed things up… but at least the AV1 decoders are already relatively common.
Also, the gap between h265 and AV1 is higher than between AV1 and h266. So I’d argue it’s the other way around. AV1 is reported to be capable of ~30-50% bitrate savings over h.265 at the cost of speed. H266 differences with AV1 are minor, it’s reported to get a similar range, but more balanced towards the 50% side and at the cost of even lower speed. I’d say once AV1 encoding hardware is more common and the higher presets for AV1 become viable it’d be a good balance for most cases.
The thing is that h26x has a consortium of corporations behind with connections and an interest to ensure they can cash in on their investment, so they get a lot of traction to get hw out.