Apparently, and it was announced a few months ago, that AV1 will be the new royalty-free codec web standard that will replace Google's VP9. However, there's nothing that will decode it in hardware that I'm aware of. But, that might change if it truly becomes the new standard. Once that happens, expect hardware acceleration to arrive in 1 to 2 years thereafter for it to be baked in silicon. This will especially be important for ARM based mobile devices.
AV1 uses about 40% less bit-rate than VP9. And being that most hardware will decode H.264, I'm thinking that will stick around a lot longer while Youtube and Netflix transitions from VP9 to AV1.
Downside is that encoding AV1 takes an immense amount of processing power. It's almost as bad as mining BitCoin in terms of the requirements to transcode the video! I have no doubt that there will be specialized AV1 ASIC cards racked and stacked in Youtube's data centers to do nothing but convert video to the new format.
Anyways, all very interesting. But yeah, I'm sure we'll hear all about how Intel, AMD, and nVidia will be supporting AV1 soon.