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Video with Alpha Transparency on the Web
It's better to do it yourself.
A Shopify UI video with transparency (click to pause)I didn't know much about it, so I dug in to try and find the most robust and efficient way to do it. I'm a little worried that a non-Apple device will try to play the HEVC file, but not support transparency (after all, it's an Apple extension to the format (pdf)), resulting in broken output. I don't think Apple's Compressor is designed with this kind of content in mind, so you usually end up with a much larger file size than the equivalent VP9.
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