I've always been wondering the difference between the Media FX and the Event FX. Both seem to be doing the same job, however they appear in the same menu when you right click on any event in your project. I did a little research on the internet and I couldn't get an answer, especially that I read on some forums that they both serve the same job!
I tried to experiment both features and I discovered a distinct difference between the two features.
The Media FX button applies an effect to the whole "media file" in the project, while Event FX only applies the effect on the highlighted event only. To further explain this, drag a video or a picture to your time line and split it into to 3 parts. Move the three events away from each other. Now, if we select an event and apply the Event FX and choose any effect, say light rays for example. The effect will be applied to the highlighted event only. However, if you choose Media FX, the light rays effect will be applied to the 3 events all together. This is because the 3 events all belong to one media file in the project which is the video or the picture you inserted.
As for the Track FX, it applies the effect for the whole track (horizontal track) including all the events and media in the track.
There is also another option called Output FX above the preview screen. This applies an effect to all the output (including all tracks, all events, all media).
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