You only need to select your footage item and drag it to the Create A New Composition button in the Project panel. After Effects will create a new composition that matches every setting in your source file.
Now, the best part is - What happens if I select multiple source files before dragging them at once to this button?
In that case, After Effects presents you with the "New Composition from Selection" dialog box.
Since the source files you selected can be different in their characteristics, After Effects lets you choose one of them as the reference to match all settings in the resulting composition.
It even gives you an option to sequence these items---i.e., automatically place one after the other in the timeline.
A completely different path is choosing the option to create multiple compositions (one for each selected item).
