The talk is about lossless compression using the FFV1 codec, which is an old technology that offers good compression and speed. It is widely used and can be embedded into various containers such as AVI, MP4, Matroska, and MXF. The speaker discusses the importance of having an open and patent-free format, especially for archival purposes. They also talk about efforts to standardize FFV1 through an ITF working group and the development of tools such as Media Conch and Rawcooked to ensure conformance and facilitate conversion. There is also a mention of the potential for future development and optimization of the codec.