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Is this specific to certain types of MP4 footage files, or all of them?
Did it start with a recent 17.1 build, or is this the first build of it you installed?
Is this same footage displaying correctly in the current Beta version of PPro?
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The most recent beta updates seem to have fixed the issue. I had MP4 files of stock footage from Videoblocks from a few years back. Didn't run the test of this in Premiere Pro though.