H.265 (HEVC) is a highly efficient compressed codec that combines excellent image quality with a small file size, which makes it ideal for streaming and for the sharing of files. It is also well suited to situations where there is no time or budget for color grading, as you can ‘bake in’ Rec. 709 or a custom LUT to the file so that you can share files immediately at the end of a shoot.
H.265 is also an excellent option for recording high quality proxy files in an ARRI or RED SDI workflow, where RAW is being recorded internally on the camera. Your H.265 proxy recordings can also use the same file names as the RAW files, so that you can start editing with the proxy files immediately and then use the RAW files for the final color grade. For information on using Red/Arri file names for your recordings, refer to the Unit Name section.