The AV1 Image format, or AVIF, is the latest image codec on earth. AVIF is an optimized image format which was created to make our images smaller while keeping the same quality (lossless). The file extension for AVIF is .avif.

We need an alternative to JPEG that a) is widely supported, b) has better compression efficiency and c) has a wider feature set. We believe AV1 Image File Format (AVIF) has the potential. Using the framework we have open sourced, AVIF compression efficiency can be seen at work and compared against a whole range of image codecs that came before it. (source: Netflix Tech Blog)