because what is every colour? it’s not about brightness its about the steps from 0 to its maximum each R G B sub pixel can operate on.
8bit 16.7m is the norm because its fine for 99% of the stuff we watch. but it you need more then you can get monitors that can do 10bit 1.07b or even 12bit 68b colours, but we don’t because it’s expensive and most people would not be able to tell. It would also make streaming more bandwidth-heavy (much more costly) for no real point.
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