SAN MATEO, CA (June 6, 2014) – GoPro, maker of the Emmy® Award-winning HERO® camera and enabler of some of today’s most engaging professional video content, announced today that the core technology behind the GoPro CineForm Codec has been standardized by the Society of Motion Picture and Television Engineers® (SMPTE®) as the SMPTE ST 2073 VC-5 video compression standard – the new open codec standard for video acquisition and post production.

The GoPro CineForm Codec is a high-performance video codec widely valued in video post-production as the industry’s highest quality compression format. It is well established in the professional filmmaking marketplace and has been extensively used in Hollywood feature films, including Slumdog Millionaire and Need for Speed.

SMPTE standardization of the GoPro CineForm codec as the VC-5 standard now means the professional production and post production community can access SMPTE-standardized codec technology for presenting high resolution imagery with a high speed, low-compute intensive workflow. The new VC-5 standard will provide a more efficient, cost effective and higher-performance workflow, delivering an 8x performance boost over the current JPEG 2000 format with higher resolution.

That's huge - I was hoping for this since quite a while. Looking forward to finally get rid of ProRes. Cineform is so much better.

https://www.smpte.org/news-events/news-releases/gopro®-cineform-codec-standardized-smpte®-vc-5-standard