Dolby Labs is a company that Ray Dolby started in the 60s to produce a noise reduction system for tape recorders (pro open reel and cassette). They also established standards for analog surround sound in movie theaters and home audio licensing tech from Jim Fosgate. They created Dolby digital surround codecs for movies and games. Dolby Digital is the standard for all ATSC and cable audio. Atmos is an object based audio system to allow the engineer to steer a sound in 3D around a virtual space and recreate that space in the theater or home.
Now they have a standard for HDR in video called Dolby Vision.
They have a lot of cred. They also have competition. Keeps them all on their toes.