It could be a color space conversion issue: For arguments sake let's say the image was converted RGB --> YV12 using BT.601. Normally it should have the reverse matrix applied of YV12 --> RGB w/ BT.601. But, the renderer could have screwed it up and done YV12 --> RGB w/ BT.709, giving the wrong colors.
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You can't call your encoding speed slow until you start measuring in seconds per frame.
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