This lecture covers the evolution of video compression standards from H.261 to the latest Versatile Video Coding (VVC). It explains the concepts of predictive coding with motion compensation, bitstream syntax, error resilience tools, and the advancements in MPEG-4 and H.264. The instructor discusses the key features of each standard, such as intra and inter-frame coding, motion estimation, and entropy coding, highlighting the improvements in compression efficiency and video quality.