Re: No comparison with H265 I see
VP8 probably paid for itself in foregone licence fees for H264 for Google, given how much video they actually encode. VP8 effectively put an end to the plans for charging us all to use H264. Google has also been true to its word in opening the source and indemnifying against patent suits.
Having competing codecs is good for us all in the long run. Google has several reasons for continuing to improve the format: the rise in high resolution content on YouTube preludes high resolution video on demand. Even if most of it is shit, the sheer volume of video that YouTube handles is staggering. Any efficiencies in file size and bitrate will be keenly felt. Google continues to push into our lives and wants to sell us paid for content: quality and perceived network speed will be differentiators on mobile devices. It is also continuing to improve user-generated video whether it's video-conferencing, selfies or gaming videos.