Having a controllable color space workflow from shooting, through post and to delivery is mandatory in film production. The ACES (Academy Color Encoding System) support whatever possible color despite being able to reproduce it or not. It has the largest gamut of all color spaces and uses OpenEXR.
Being able to see the same picture no matter what hardware or software you’re using is a huge step forward in the digital film pipeline. No more color conversions, no more in house linearizing, no more pipeline dependent custom software for color reproduction. Record in ACES color space, display in ACES color space, composite linear files using ACES color space for display, grade using ACES and deliver in ACES color space that will be then projected in theaters or on TV.
Note that ACES work closely with OCIO, please watch “vr_color_management_pt4_OCIO” tutorial first.