Yet easily surpassed in x.265 also known as h.265 also known as HEVC. Picture quality is far better and storage space requirements/streaming requirements are much lower in comparison with h.264.
There is also coming such an improvement coming for audio, mainly the AAC audio codec. HE-AAC has already been in use since digital radio became common. But now there is HEv2-AAC and especially for voice information will benefit as it will take significantly less bandwidth to transfer that data. See here
for an introduction.