The app still has to reside on a box somewhere. Centralizing it in the cloud is a little absurd since only one user (the editor) would use it.
Depending on the studio, content is centralized, but for smaller studios, cloud-based storage is prohibitively expensive since they work with raw 8k/4k video files.
Depending on the studio, content is centralized, but for smaller studios, cloud-based storage is prohibitively expensive since they work with raw 8k/4k video files.