If you look at the winners of the Hutter prize, or especially the Large Text Compression Benchmark, then almost every approach uses some kind of machine learning approach for the adaptive probability model and then either arithmetic coding or rANS to losslessly encode it.

This is intuitive, as the competition organisers say: compression is prediction.

Some people are fans of Metallica or Taylor Swift. I think Fabrice Bellard should get the same attention!

And the same money for performance, of course