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Google Wants to Kill the JPEG: Meet WebP
by Shannon at 7:00 pm EDT, Oct 4, 2010

Google is introducing a new format for images: WebP.
Images on the web in this format — which CNET reports will be officially announced later today — will have smaller file sizes, load faster and relieve a lot of overclocked networks. They won’t necessarily look better — WebP images are as “glossy” as JPEGs — but the files might be around 40% smaller than JPEG files.

Glossy?