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Storage space and new codecs: So much collected as h265.
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The difference between H.265 and AV1 at the same bitrate (assuming both files were encoded with a good encoder) usually isn't huge.
AV1 is great, but the "hype" surrounding it is mostly comparing it to lowish-bitrate H.264 (live) streams.
Totally agree. This reflects my experience encoding with both formats for releases.
At similar bitrate, av1 also performs much much worse on grain and it is slower to encode