Actually I disagree, see previous comment re: the Fridman/zuch interview.
The genuinely cool thing about that though... They aren't sending the video.
Instead, they convert both people's faces into skeletal meshes and only send the transform data over the wire, recreating the other person at the other end as a 3D model that is being animated using the transmitted animation data.
The bandwidth requirements are reduced by like... 100x
The way innovators erode a legacy company’s advantage is by attacking an area they aren’t worrying about. Usually, that’s cost (“Japanese cars”, x86 supercomputers), but sometimes it’s speed, power, or convenience (Amazon.com in the 90s). Car companies have had plenty of warning about cheap EVs, but the only relatively cheap ones I know about are the (discontinued) Chevy Volt, the base Tesla Model 3, and the Volvo EX30 that just came out (surprise! it’s Chinese).