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The Bojack example shows that it's not just reduced bandwidth; in some cases you can get higher quality with their AV1 encodes. Additionally if you are thinking of average bitrate, that's ignoring variable bitrates (and the extension, the per-shot encoding params that Netflix utilizes.) That is to say, high complexity scenes get more bitrate than low complexity, so very noisy scenes can look way better using AV1 even while still using lower bitrates, but notably some peaks have similar max bitrates.