The tech companies - as well as Microsoft, Amazon, Facebook and Cisco - have finished the first version of video compressing technology called AV1 and they are set to put it to work over the next few months, cnet.com reported.
AV1 reportedly can match the quality of other video compression technologies including HEVC and VP9 and uses 30 to 40 per cent less network capacity, Gabe Frost from Alliance for Open Media said.
The new speed will soon deliver video from various sites as the technology spreads from the labs to laptops and phones.
With good compression, users can avoid blocky or blurry videos and can shorten waiting times for them to start and can sometimes upgrade to higher-resolution 4K videos without having to upgrade the broadband connection.
Not only these perks of the AV1, but it could also leave behind a video patent system that has held back the speed that HEVC could have delivered.
AV1 can also be used in any sort of video connection from a laptop or smartphone and can make streaming movies, video chat, screen sharing and video game streaming easier.
It could also help to introduce newer technologies including 4K and virtual reality headsets that require the highest resolution possible and minimal delays for decoding videos over a network.
Recently Google has updated its Play Movies and TV app for Android users.
The search engine site has included a new feature to its app to show users which streaming apps are currently able to stream a film and TV series that a user wants to watch, The Verge reported.
This includes many of the main streaming sites including Amazon Prime, Hulu, HBO Go/Now Showtime, as well as TV programmes including ABC, CBS, NBC, Fox, HGTV, Comedy Central and more.
However Netflix is as of yet not available on the app so Play Movies won't know if something is on the streaming site.
Play Movies allows users to simply tap what they want to watch and the app will open and start playing in the respective streaming site.
Google is also adding a way to access genres quickly instead of scrolling down a long list as well as a thumbs up/down rating system to allow the app to make it more personalised.