MICHAEL ZHANG, PETAPIXEL:
"Every so often, a new image format comes to town and attempts to overthrow the established order of how images (and photos) are saved and shared. In 2010, Googleannounced a new format called WebP, which promised to speed up the Web by shrinking file sizes without hurting quality. Last year, well-known programmer Fabrice Bellard unveiled a format of his own called BPG that claimed to pack the same quality of JPEGs at just half the size.
"Now there’s a new contender that raises the bar (and shrinks file size) even more. It’s called FLIF, which stands for Free Lossless Image Format.
"On paper, the new format looks impressive. When its compression was compared to other popular formats, it was (on average) 35% smaller than typical PNG files, 37% smaller than lossless JPEG 2000, 15% smaller than lossless WebP, and 22% smaller than lossless BPG."
Read more, here. (By the way, don't forget to read the readers comments too. I find the discussion to be quite fascinating. A subject like this brings photographers and industry insiders out of the woodworks.)