In recent years, an interest in multimedia services has grown expeditiously where the main part is comprised of video. Firms as well as subscribers require higher resolutions, framerates and sampling precision which results to higher amount of data need for processing, storing and transmitting. Therefore, a big challenge arises for researchers to develop new compression standards which should reduce the huge amount of data and keep quality at the same level. This paper examines compression performance of the latest and currently most used video codecs, namely H.266/VVC, AV1, H265/HEVC and H.264/AVC. The test set consists of seven sequences with various content at 8K, Ultra HD and Full HD resolution and encoded to bitrates from 1 to 15 Mbps for Full HD and Ultra HD resolutions and from 5 to 50 Mbps for 8K resolution, respectively. Codec performance was measured using PSNR, SSIM and VMAF objective quality metrics. In terms of the Bjøntegaard-Delta (BD) model, the results showed that H.266/VVC outperforms all other codecs, namely H.264/AVC,H.265/HEVC and AV1, respectively. Averaged bitrate savings were approximately 78\% for H.266/VVC, 63\% for AV1 and 53\% for H.265/HEVC relative to H.264/AVC, 59\% for H.266/VVC, 22\% for AV1 compared to H.264/AVC and 46\% for H.266/VVC relative to AV1, all for 8K resolution. The results also showed that the performance varies depending on resolution – with higher resolution, the efficiency of newly developed codecs such as H.266/VVC and AV1 is greater, which confirmed the fact that the H.266/VVC and AV1 codecs have been primarily developed for videos at high resolutions as 8K and/or UHD.