Google has released a new image file format called WebP, aiming to reduce file sizes and offer comparable or better quality than traditional PNG, JPG, and GIF formats. According to Google's tests, WebP images are 26-34% smaller than JPEG images, and up to 34% smaller than PNG images. WebP retains the benefits of both lossless and lossy compression methods, providing a unique feature that sets it apart from other formats. This new format has the potential to revolutionize the way we handle image compression and file sizes, and could lead to faster loading times, reduced bandwidth consumption, and overall better user experience. With its capabilities and advantages, WebP is poised to become a significant player in the world of image file formats.