Continuous innovation in 5G networks is creating new opportunities for video-enabled services for both consumers and industries, particularly in areas such as the Internet of Things and the automotive sector. These new services are expected to rely on continued video evolution toward 8K resolutions and beyond, and on new strict requirements such as low end-to-end latency for video delivery. The latest Ericsson Technology Review article explores recent developments in video compression technology and introduces Versatile Video Coding (VVC) – a significant improvement on existing video codecs that we think deserves to be widely deployed in the market. VVC has the potential both to enhance the user experience for existing video services and offer an appropriate performance level for new media services over 5G networks.