Theora is a video codec being developed by the Xiph.org Foundation as part of their Ogg project. Based upon On2 Technologies' VP3 codec, and christened by On2 as the successor in VP3's lineage, Theora is targeted at competing with MPEG-4 video (e.g., H.264, Xvid and Div X), Real Video, Windows Media Video, and similar lower-bitrate video compression schemes.