Did you know that the last time the Portable Network Graphics (PNG) file format specification was updated was on November 10, 2003. This file has become the preferred file format for images by the US Library of Congress, the Library and Archives of Canada and the National Archives of Australia because it maintains quality compared to other formats.
Yesterday, the third edition of the PNG specification was announced, finally bringing support for HDR, APNG (animated PNG) and also EXIF data. The specification was announced by the W3C Timed Text Working Group after several broadcasters requested that PNG support HDR because it is a format used for graphics for programs such as news and sports.
Although this specification has just been announced, it is already supported by web browsers such as Chrome, Safari, Firefox, iOS/macOS, Photoshop, DaVinci Resolve and Avid Media Composer.
One specification that has not been updated is better image compression techniques. It is still under development. For the fourth version, interoperability between SDR and HDR will be announced. Image compression updates for PNG will only be addressed in the fifth version