Fix video format recognition in After Effects
Seems to be a major bug in the new 2021 update, in that AE refuses to read/display many videos from my iPhone -- .MOV and .mov, 720, 1080, and screen recordings, all of them. Large chunks of video, or the entire video, only dsiplay as green static (image attached). Older updates have been interruped by a simliar display; I discovered it was related to framerate mismatch. In those cases, if I first used Media Composer to export them as new files with fixed 24 or 30fps framerates, it would head off the trouble. Not this time. Sending these videos through Media Composer still leaves the files undreadable in AE, apparentely regardless of framerate. Premiere seems to display the videos. AE just does not.

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the dudes commented
Same issue with MP4s, created in AME CC20. Worked with disabling hardware accelerated decoding. Cache cleaning wasn't even necessary. I want the acceleration though, because it sounds too good to not have it 🙇♂️
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Jay Gish commented
Your procedure seems to have alleviated the problem, and the files are now viewable in the AE project. I would not have arrived at that methodology myself. Sincere thanks for your help, Tom N.
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Can you try this:
1. Open After Effects preferences
2. Go to Import and uncheck Enable hardware accelerated decoding (requires restart)
3. Quit After Effects
4. Go to the following folder:
Mac: /Users//Library/Application Support/Adobe/Common
Windows: \Users\<username>\AppData\Roaming\Adobe\Common
5. Delete the Media Cache Files folder
6. Relaunch After EffectsDo you still have the issue? If not can you please let me know what GPU(s) and their drivers are installed on your system?