From Leonardo, who founded MPEG, on the page linked:
"Even before it has ceased to exists, the MPEG engine had run out of steam – technology- and business wise. The same obscure forces that have hijacked MPEG had kept it hostage to their interests impeding its technical development and keeping it locked to outmoded Intellectual Property licensing models delaying market adoption of MPEG standards. Industry has been strangled and consumers have been deprived of the benefits of new technologies. From facilitators of new opportunities and experiences, MPEG standards have morphed from into roadblocks."