Fstoppers reports: [edited]
There is a new image format called BPG (Better Portable Graphics) designed by the French programmer Fabrice Bellard and it promises to deliver better visual quality at half the file size of JPEG.
JPEG has been around for over 20 years and has become the accepted means of displaying images on the web. As our web experience grows ever more visual, and as mobile browsing becomes the preferred method for many folks, JPEG begins to show its limitations.
BPG is a format based off the H.265 video codec by utilising the open source x265. This means BPG offers the ability to render 14 bits per colour channel as opposed to 8 with JPEG. It also offers an alpha channel, and a lossless compression option.
To give BPG a test run and see how it compares to JPEG you can go here and go through a variety of comparison images.