This codec is developed by the Alliance for Open Media, whose goal is to provide a patent-free video codec (more acurately, a video codec under a patent-umbrella protection). Let's not reproduce the HEVC fiasco (see "HEVC advance licensing terms" for more info).
AV1 is still in development at this time (the bitstream format changes slightly almost every day). However, the compression performance (VQ) is already very good ; and lots of huge companies are part of the Alliance ( Amazon, Google, Microsoft, Nvidia, Mozilla, ... see http://aomedia.org/about-us/ )