The web's open and community-driven development model is a key factor in its rapid evolution and ubiquitous adoption. The WebM Project was launched last year to bring an open, world-class video codec to the web. "Since the launch, we've seen first-hand the benefits of an open development model.
To that end, we're changing Chrome's HTML5 <video> support to make it consistent with the codecs already supported by the open Chromium project. Specifically, we're supporting the WebM (VP8) and Theora video codecs, and will consider adding support for other high-quality open codecs in the future. Though H.264 plays an important role in video, as our goal is to enable open innovation, support for the codec will be removed and our resources directed towards completely open codec technologies," informs Google
"These changes will occur in the next couple months, but this announcement is to give content publishers and developers using HTML <video> an opportunity to make any necessary changes to their sites," Google added.