Lossy compression means that the compressed file has less data in it than the original file. In some cases this translates to lower quality files, because information has been “lost,” hence the name.
Lossless compression is exactly what it sounds like, compression where none of the information is lost.
Video compression or codecs(a short name for coder-decoder, the software that takes a raw data file and turns it into a compressed file ) has several kinds. These are as follows.
MPEG series
MPEG4 is an ISO/IEC standard developed by MPEG (Moving Picture Experts Group), the committee that also developed MPEG-1 and MPEG-2. It is the result of another international effort involving hundreds of researchers and engineers from all over the world. MPEG-4, (also known as ISO/IEC 14496) was finalized in October 1998 and became an International Standard early 1999. The fully backward compatible extensions under the title of MPEG-4 Version 2 were frozen at the end of 1999 and received International Standard Status in early 2000. An MPEG standard that can be used for Internet, broadcast, and on storage media, MPEG-4 offers improved quality relative to MPEG-2.
MPEG2Aimed primarily at compression of D1 sized video for television, MPEG-2 is the chosen format for the majority of digital television broadcasting, including DVB and DVD. Although MPEG2 is not aimed at the mobile market, it runs efficiently on the VideoCore platform. It offers good picture quality and supports widescreen.
MPEG1
MPEG-1 is the first of the MPEG series of standards. It is used in video CD applications. This compression technology enables approximately one hour and a quarter of VHS-quality video and audio to be stored on a 680 Mbyte CD. The quality is roughly comparable to that of VHS. Almost every computer in the world can play this codec, and very few DVD players do not support it.
H series
H264H.264 is the culmination of both the ITU-T's H.26x series and ISO/IEC's MPEG standards. The two standards bodies collaborated to form the ultimate in video coding standards. H.264 draws upon the technology of both parties to offer unprecedented bit rate efficiency and high quality video. It is suitable for all of the latest video streaming applications, as well as video storage and services requiring low delay or low bit rate. H.264 creates a standard that provides good video quality at bit rates that are substantially lower than what previous standards would need
H.263+
The H.263 standard is published by the International Telecommunications Union (ITU). It supports video compression and coding for video-conferencing and video-telephony applications.
H.261
JPEG
JPEG is an industry-standard compression scheme for lossy compression of still images. The JPEG standard does not specify a file format. The codec uses the popular JFIF (JPEG File Interchange Format).
JPEG2000
JPEG2000 is a pure, still-image compression based on the wavelet transform. It offers a better compression rate than the old JPEG.
Microsoft series
Windows Media 9 Series delivers the same quality audio and video quality at about 1/3 the bit rate of MPEG2 and about 1/2 the bitrate of MPEG4 Simple Profile.
http://desktopvideo.about.com/od/glossary/g/compressformats.htm
http://www.broadcom.com/products/software/mobmm_videocodecs.php
http://en.wikipedia.org/wiki/List_of_codecs#Video_codecs


