MPEG-5 will be a video coding standard to address business and technology needs in use cases that are not well served by existing ISO standards, such as HEVC.

The goal is to develop a new video coding standard that meets a combination of business and technology requirements:

a Baseline profile containing technologies which are over 20 years old or which are accompanied only by Type 1 IPR declarations
a Main profile containing a small number of additional tools, each of which is capable of being cleanly switched off or switched over to Baseline tools on an individual basis
Encouragement of the timely publication of licensing terms\
Coding efficiency at least as good as that of HEVC\
Complexity suitable for real time encoding and decoding

In particular Part 2 of ISO/IEC 23094 which is called “Low Complexity Enhancement Video Coding (MPEG-5 Part 2 LCEVC)” provides a standardized video coding solution that leverages other video codecs in a manner that improves video compression efficiency while maintaining or lowering the overall encoding and decoding complexity.