HDMI was defined to carry 8 channels, of 192kHz, 24-bit uncompressed audio, which exceeds all current consumer media formats. In addition, HDMI can carry any flavor of compressed audio format such as Dolby or DTS. HDMI has the capacity to support existing high-definition video formats such as 720p, 1080i, and 1080p, along with  support of enhanced definition formats like 480p, as well as standard definition formats such as NTSC or PAL.

HDMI was developed by Developed by Sony, Hitachi, Thomson (RCA), Philips, Matsushita (Panasonic), Toshiba and Silicon Image.

HDMI.org
Developed by Sony, Hitachi, Thomson (RCA), Philips, Matsushita (Panasonic), Toshiba and Silicon Image, the High-Definition Multimedia Interface (HDMI) has emerged as the connection standard for HDTV and the consumer electronics market.