The IEEE Standards Association recently approved a comprehensive set of standards that cover advanced audio and video coding for storage and transmission, targeting emerging applications such as Internet media streaming and smart-camera surveillance. The standards' basic goal is to facilitate reliable and efficient exchange of audiovisual data streams between content creators and target users to provide high-quality, recognition friendly end presentations. They enable audiovisual content storage on a wide range of media and transmission over diverse wired and wireless networks, and offer tools for long-term picture reference, learning based picture generation, and object-based description and coding. In addition, they establish audio and video synchronization guarantees, guidelines for operating in error prone environments, and conventions for embedding metadata to describe content and make it discoverable. The standards conform to IEEE's patent policy, providing access to essential patent licensing at a reasonable cost.