Comment by Dylan16807

At any point in time there's only a couple video codecs you should be using. When we can repeatedly shave off 30% of video bandwidth, there's no reason to stop making one or two new ones every decade.

Edit: And you can also look at the video codec landscape as having two major standards that put out new versions sometimes. The MPEG/h.26x series and the VPx/AVx series. It's not quite that simple but it's close.