Google's lightweight image format makes YouTube pages load 10 percent faster

engadget.com

8 pointstestrun4 comments

So the (rather small) page loads faster but the (rather huge) video files are still the same?

They've already begun rolling out VP9 for that purpose, claiming 50% bitrate savings. The image format was a byproduct of VP8 development.

Is it Google's format?

Yes, it's developed by Google.