> everyone in the industry should've been more bullish on open source standards
This, 100x this. Look at the pedigree of Xiph[1] - non-profit corporation dedicated to protecting the foundations of Internet multimedia from control by private interests.
1. Ogg/Vorbis
2. FLAC
3. Opus/Speex - low latency voice codecs
4. Theoria video codec
5. Icecast
etc.
These people know how to get stuff done.
There is also Google's VP9. It has comparable quality to HVEC, and recently released libvpx 1.4.0 which adds support for 10-bit and 12-bit bit depth, 4:2:2 and 4:4:4 chroma subsampling, and VP9 multithreaded decoding/encoding