VP9 isn’t as widespread as H.264, but it performs equally well, even better in some circumstances. Most media players are incorporating H.265 (HEVC) hardware decode already, though.
“That new television that you’ve been dreaming of buying – with that fancy marketing term, UHD (ultra high-definition). In numbers, this is 3840×2160 pixels at 60 fps. Let’s assume it’s HDR, so 10 bits/component, at YUV-4:2:0 chroma subsampling. Your total uncompressed data rate is:
3840 x 2160 x 60 x 10 x 1.5 = 7,464,960,000 bits/sec =~ 7.5 Gbps
And since that would RIP your internet connection when watching your favourite internet stream, you need video compression.”