As long as IP law continues in the same form, the alternative to that is completely closed agreements among major companies that will push their own proprietary formats and aggressively enforce their patents.
The fair world where everyone is free to create a new thing, improve upon the frontier codecs, and get a fair reward for their efforts, is simply a fantasy without patent law reform. In the current geopolitical climate, it's very very unlikely for nations where these developments traditionally happened, such as US and western Europe, to weaken their IP laws.