Now that Apple has discontinued QuickTime for PC, Max needs a new codec to output movie files, particularly when producing a viewport animation preview (shift-V). Any new codec would ideally need to be royalty-free, support 4k resolutions and up, and support modern HDR colour spaces. That narrows the field down to pretty much Google's VP9, read more here: https://en.wikipedia.org/wiki/VP9
H.265 would be an alternative, but as it's proprietary, there would likely be licensing issues.
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