VVC, the latest codec standard jointly developed by ITU-T and MPEG, was finalized in July 2020. Since then, JVET has been actively exploring coding technologies that can achieve higher compression performance compared to VVC. The latest enhanced compression model (ECM) version 13 shows that more than 25% of bitrate savings over VVC in terms of luma PSNR can be achieved in the random access configuration. Two rounds of subjective evaluations have shown that the ECM also provides subjective benefits. Considering regular standard development cycles and the current video industry landscape, this contribution proposes timeline for the development of the next generation video codec standard. This contribution also proposes a set of requirements for this next generation codec standard.