The JPG file format has existed for many years because it makes small files and has wide support in graphics software and the Web. Of course it is also used extensively in digital cameras. Users love it because of the small files, yet they often overlooked the flaws.
Google thinks they have created a superior alternative. Their WebP format makes smaller files than JPG. Their engineers claim a decrease in size of about 40 percent. Given all of the traffic that passes through Google servers, it makes sense that they want to have smaller files.
The problem is that this new format is not supported by any browsers right now. Google says it will be added to their Chrome browser very soon. It isn’t supported by any graphics software or cameras either. So don’t expect to see a lot of WebP files in the immediate future. Only time will tell if this new format becomes a widely-used standard.