Theora

Theora is a free and open video compression format from the Xiph.org Foundation. Theora is a video codec, based on the VP3 codec donated by On2 Technologies.It can be used to distribute film and video online and on disc without the licensing and royalty fees or vendor lock-in associated with other formats. The quality of Theora-encoded video for a given bitrate is excellent. While there are some reasons to consider h.264 to be technically superior, the difference for web-quality video just isn't noticeable.

See the Comparison between theora and h.264 here and here.