Oh wow! I just found out about JPEG XL, a new royalty free image format that is going to replace JPG, PNG, and GIF. It supports lossy and lossless compression, has high quality animation, small file sizes and much higher quality, and can support up to 4,100 channels. Meaning you could have a full PBR texture with diffuse, roughness, metallic, ambient occlusion, whatever, in a single image.
It just came out (well the standard was finalized but I think it will officially release in a month or two) so the software support is not great. It is mostly beta and it was difficult to get working. But I managed to convert an image of Ella from a 12.6MB uncompressed PNG to JXL and it's only 807KB and it looks almost identical to the PNG. And it's a 4K image.
Obviously I had to convert it back to JPG to upload it on the internet, the converted JPG is 1.9MB and some amount of the quality was lost. But it looks pretty close to the 807KB JXL. This is amazing. I really hope it takes off, we've been stuck with antiquated image formats for too long.