Industry giants like Samsung, Huawei, and even the chipmaker Qualcomm are backing the MPEG-5 EVC over the HEVC (High Efficiency Video Codec) for high resolution videos. MPEG-5 offers reduced file size and better quality, both of which are crucial to 4K and 8K UHD video capture in smartphones.
8K televisions are still a ways off. HDMI at 8K still needs display stream compression to handle more than 30 Hz. 8K60 requires 62.06 gigabit/s bandwidth but HDMI 2.1 is only 42.6 gigabit/s which is inadequate. 4K60 is less demanding at 15.68 gigabit/s.
Apple still uses H.264 and HEVC for their hardware. Apple may adopt MPEG-5 once other phone makers start to adopt it. The older iPhone 7 plus can only support 4K video but new phones are now starting to support 8K. The new phones expected this September should offer excellent video capability.
HEVC is used by Blu-Ray which has moved into the UHD market already. Mostly likely multiple layer disks will be needed for 8K media to provide an acceptable bit rate. 4K Blu-Ray are double the cost of standard Blu-Ray.
A simplified licensing method could also imply wider adoption of MPEG-5 EVC over the existing HEVC. Google also offers its own royalty free AV1 codec, which is another alternative that is used in popular sites like YouTube, Netflix, and Facebook.