Digital video has become ubiquitous in our everyday lives; everywhere we look, there are devices that can display, capture, and transmit video. The recent advances in technology have made it possible to capture and display video material with ultrahigh definition (UHD) resolution. Now is the time when the current Internet and broadcasting networks do not even have sufficient capacity to transmit large amounts of HD content-Let alone UHD. The need for an improved transmission system is more pronounced in the mobile sector because of the introduction of lightweight HD resolutions (such as 720 pixel) for mobile applications. The limitations of current technologies prompted the International Standards Organization/International Electrotechnical Commission Moving Picture Experts Group (MPEG) and International Telecommunication Union-Telecommunication Standardization Sector Video Coding Experts Group (VCEG) to establish the Joint Collaborative Team on Video Coding (JCT-VC), with the objective to develop a new high-performance video coding standard.