The WebM Project is a new initiative to develop an open video format supporting the upcoming HTML 5 standard, which enables to display video within a browser and without the need of a player software on the client side. The introduction has been made at the Google I/O developer conference. Too, Google itself is deeply involved in the project and will use the standard on its video sharing platform YouTube. More about the engagement of Google is provided by the following articles, further information about the video standard at the WebM Project homepage.
Meanwhile Adobe announced its HTML 5 strategy. The company will be most affected by the launch of HTML 5 regarding its popular Flash Player, which is used even by the most popular video sharing sites. The company will adapt the standard by integrating it into its development products.