Yesterday a consortium of the major movie studios announced final specs for a new standard digital format for movie theaters. The specification uses JPEG 2000 video compression, which (though it happened before I started working there) I’m proud to say largely came out of work performed at my lab.
The big advantage of JPEG 2000 is that you can “pull out” bits from a code stream to get different resolutions — in this case a 4K distribution (1,302,083 bytes per frame at 48FPS) and a 2K distribution (651,041 bytes per frame at 48 FPS) can both be generated on-the-fly from the same file, just by discarding segments of the stream.
(Thanks to Mike for the link.)