At equal bitrate, AV1 produces ~30% smaller files than H.265, ~50% smaller than H.264. But AV1 encode is 5-10× slower than H.264 (SVT-AV1 brings this to 2-3×). Decode is fast everywhere with hardware support since iPhone 15, Android 13, modern TVs.
2026 picture: H.264 for legacy/universal, H.265 fading, AV1 for new pipelines, VP9 for YouTube historical reasons.