I wouldn’t call h.264 the current industry standard. It’s the smallest common denominator since more or less every device that’s capable of streaming video can decode h.264. However h.265 is pretty much standard for resolutions above 1080p. AV1 is nowhere near standard yet, though.
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I don’t know anything about this new one they’re talking about, but here is a comparison between h.264 (the current industry standard) and h.265.
https://www.epiphan.com/blog/h264-vs-h265/
The short version: Basically the same quality but half the file size, but it takes much longer to encode.
I wouldn’t call h.264 the current industry standard. It’s the smallest common denominator since more or less every device that’s capable of streaming video can decode h.264. However h.265 is pretty much standard for resolutions above 1080p. AV1 is nowhere near standard yet, though.