On the Web JPEGs and GIFs have ruled the image universe. But now Google is offering their own JPEG replacement image format called WebP.
WebP ties in with Google’s WebM video format. Rather than revolutionizing video in the browser though, WebP is hoping to revolutionize the photo image format, by making them way smaller in file size.
According to Google, the WebP format can cut image file size by 40 percent over JPEG.
Now all Google has to do is get all of the browsers and Web developers to support it.