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Howdy. I don't think there's a way to change the format size of the timeline to something like a 4x3 or a 1x1 ratio. But it's a good idea I think.
One work around idea I had might not work for you but it does for me. What I would do is from Premiere Clip I would "Send to Premiere Pro CC" and then import the project on my laptop in Premiere Pro. There I would edit the sequence settings to the desired size and export from there. I know it totally goes out side the iOS workflow but if I needed a 1080x1080 video without the "side bars" that's what I would do.
Thanks for your reply!
As I don't have Premiere Pro (and am not planning on getting it - I'm just an amateur), I'll take your work that it works that way. However, it seems a rather troublesome way to do something I think the app could provide. I really want to stay in the realm of my iPhone.
You know what I do? I send Premiere Clip output video to MYSELF in WhatsApp (in order to do that, you simply have to enter yourself to your phone book, thus becaming a contact like any other), re-framing the video and cropping out the side bars by using WhatsApp editor (iOS allows it, don't know about others). After that, I save the video to my camera roll and, voilà!, no side bars. Also, as WhatsApp compresses videos, it gets much smaller in the process, not necessarily to the original size but otherwise to WhatApp's default compression parameters (so I believe; I haven't checked that out, but that humongous 1080x1920 is definitely ruled out). It also goes back to the original .mp4.
Well, if WhatsApp - which is obviously not primarely meant to edit videos - has that "frame-cropping" feature, I think a video editor like Premiere Clip could perfectly have something like that too.
About changing the format from .mp4 to .mov: as far as I recall, it didn't use to be that way; .mp4 videos remained so (can't say about other formats). So, WHY has it changed?
I totally understand your problem. I think it would be great if Premiere Clip would allow someone to choose the aspect ratio of their video considering how popular square and vertical video is becoming on certain social media networks.
Good luck with your video projects!