High Dynamic Range (HDR) video constitutes a new type of video with brighter brights and darker darks compared to conventional video. Recent developments in display technology have made it possible to deliver a more immersive viewing experience through being able to reproduce HDR video. This new video type has caused experts to investigate whether existing compression tools can operate efficiently or whether new tools need to be introduced. In MPEG and VCEG the current state is somewhere in-between: existing tools work well with HDR but adjusting their settings to specifically optimize for HDR video, makes it possible to reduce the bit-rate and improve visual quality. This paper will present background information around compression of HDR video and the work on HDR that has been, and still is being, performed in MPEG and VCEG.