AV1 is a next-generation video codec developed by Alliance of Open Media to facilitate VOD, storage and live-streaming. It's usually paired with Opus audio codec, stored in MP4 (ISOBMFF) or streamed using HLS (HTTP Live Streaming). SVT-AV1 is currently the best production quality encoder available (the matter of discusssion here).
Quoting the SVT-AV1 documentation:
Presets control how many efficiency features are used during the encoding process, and the intensity with which those features are used. Lower presets use more features and produce a more efficient file (smaller file, for a given visual quality). However, lower presets also require more compute time during the encode process. If a file is to be widely distributed, it can be worth it to use very low presets, while high presets allow fast encoding, such as for real-time applications. >