I disagree. Video is such a large percentage of internet traffic and licensing fees are so high that it becomes possible for any number of companies to subsidize the development cost of a new codec on their own and still net a profit. Google certainly spends the most money, but they were hardly the only ones involved in AV1. At Mozilla we developed Daala from scratch and had reached performance competitive with H.265 when we stopped to contribute the technology to the AV1 process, and our team's entire budget was a fraction of what the annual licensing fees for H.264 would have been. Cisco developed Thor on their own with just a handful of people and contributed that, as well. Many other companies contributed technology on a royalty-free basis. Outside of AV1, you regularly see things like Samsung's EVC (or LC-EVC, or APV, or...), or the AVS series from the Chinese.... If the patent situation were more tenable, you would see a lot more of these.
The cost of developing the technology is not the limitation. I would argue the cost to get all parties to agree on a common standard and the cost to deploy it widely enough for people to rely on it is much higher, but people manage that on a royalty-free basis for many other standards.