Better Portable Graphics (BPG), which is based on video encoding standard HEVC (High Efficiency Video Coding) or H.265, provides a modern lossy image format that is better than JPEG. It has a better visual quality at the same file size as JPEG, and has comparable results to JPEG at half the file size.
Following a study by Mozilla determining the results of various lossy compression algorithms, BPG was developed when it was found that HEVC was shown to be far superior to other algorithms.
For lossless compression, the PNG format has replaced the GIF format for most uses. For lossy compression, will BPG replace the JPEG as well?
Check out this LINK here for image comparisons.