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This feels like an absurd ask. Who cares how big the codec is? If you watch a 480p video for 10 minutes, won't that have overwhelmingly dwarfed 20MB or whatever of savings? This feels like a gross gross misoptimization that is actively harmful to 99.999999999% of user experiences.
Just because DVDs are several GB doesn't mean it's acceptable for the decoder to be a few hundred MB. ...and in fact it doesn't need to be, as I can say so from having written an MPEG-2 (+MPEG-1) decoder myself, whose binary turned out to be less than 16KB. When one hears about a codec being dozens of MB, the natural instinct should be "for what?" and not "who cares?" The latter attitude is responsible for why softwa…
Nobody uses Theora, because it's a bad codec. It was worse than H.264 back in 2009 and it hasn't been updated since. Removing support for dead formats is generally a very good idea, particularly in a web browser, because it reduces the attack surface; we have recently seen a number of major vulnerabilities caused by archaic, neglected file formats and codecs that provided almost no value to users.