we could be doing a lot better job though

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True. I see a lot of 1 minute videos that are triple digit MB in size. A lot can easily be compressed by a factor of ten.

Using H264/MP4 doesn't help (though it would be fine for 1 minute videos if people encoded right)

It does help with compatibility. Many devices can't decode h265/HVEC.

H265 is worse but VP9 webm is better

I don’t know about videos but it would be nice if we converted image files into JPEG XL, because it has inherited a party trick from FLIF where you only need to i.e. download half of the file to have half of the resolution.

Should save on bandwidth and file storage, since you don’t need redundant tumbnails and alternative resolution files.

https://flif.info/animation.html