Qualcomm completed the new video compression technique named as Versatile Video Coding(VVC). According to Qualcomm this compression is 40% efficient than HEVC(H.265).So 40% file size will be reduced with same video quality, also it will reduce the raw data file to 1000x smaller file. This will be available from 2021. This will be expected to be widely adopted after 2021 in most of the streaming service.
more info: by 2022, 80% of data on internet traffic is video, So new video compression technique plays the significant role in online streaming.