I am not entirely sure this is correct but.
UT Video Codec should be closed source, and ffmpeg has made a decoding version of it as well?
They will probably make MAGY alone or with the authors help, sooner or later.
Though i am interested in if you would release the source, but i guess that's a bit sensitive as you are the maker, and releasing it could be quite controversial in a sense,
so i at the end of the day, as long as it continues to work in all it's glory, i am happy