According to Cnet, Google will today announce a new WebP graphics format that it hopes will replace still images on the web.

"When we took a bunch of images, recompressed them from their current lossy formats into WebP, we saw on average about 40% decrease in size, which is staggering," said Richard Rabbat, Lead Product Manager on Google's ‘make the Web faster’ effort.

Reducing the size of images online is important, says Google, because 65% of bytes on the web are from images.

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