Basically, you have a device that is recording footage the entire time. It has a single job, which is to remember the last few seconds of an input, and when prompted it plays it back in either in real time or slow motion. The more inputs and footage it can handle, the more expensive it is. My dad uses them when he shoots football, and they’re useful when I have to break a shot and run up the field to get in position for the next play.
You can actually do this yourself in OBS on your computer for streams, with a little effort.
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