When you want to temporarily use a substitute for a footage item, use either a placeholder or a proxy.
Any masks, attributes, expressions, effects, and keyframes that you apply to the layer are retained when you replace its placeholder or proxy with the final footage item.
In the Project panel, After Effects marks the footage name to indicate whether the actual footage item or its proxy is currently in use:
A box containing a black square indicates that a proxy item is currently in use throughout the project; the name of the proxy appears in boldface in the project list.
An empty box indicates that the actual footage item is in use throughout the project.
No box indicates that no proxy is assigned to the footage item.

Work with placeholders and missing footage itemsFor best results, set the placeholder to exactly the same size, duration, and frame rate as the actual footage.
If After Effects cannot find source footage when you open a project, the footage item appears in the Project panel labeled Missing, and the name of the missing footage appears in italics. Any composition using that item replaces it with a placeholder. You can still work with the missing item in the project, and any effects you applied to the original footage remain intact. When you replace the placeholder with the source footage, After Effects places the footage in its correct location in all the compositions that use it.
Work with proxies for footage itemsWhen you use a proxy, After Effects replaces the actual footage with the proxy in all compositions that use the actual footage item. When you finish working, you can switch back to the actual footage item in the project list. After Effects then replaces the proxy with the actual footage item in any composition.
When you render your composition as a movie, you may choose to use either all the actual high-resolution footage items or their proxies. You might want to use the proxies for a rendered movie if, for example, you simply want to test motion using a rough movie that renders quickly.
For best results, set a proxy so that it has the same aspect ratio as the actual footage item. For example, if the actual footage item is a 640 x 480-pixel movie, create and use a 160 x 120-pixel proxy. When a proxy item is imported, After Effects scales the item to the same size and duration as the actual footage. If you create a proxy with an aspect ratio that is different from that of the actual footage item, scaling will take longer.
In the Project panel, do any of the following:To locate and use a proxy, select a footage item, choose File > Set Proxy > File, locate and select the file you want to use as a proxy, and click Open.
To toggle between using the original footage and its proxy, click the proxy indicator to the left of the footage name.
To stop using a proxy, select the original footage item, and choose File > Set Proxy > None.
Create a proxyUse the Create Proxy command to create a proxy from footage or compositions selected in the Project panel or the Timeline panel. This command adds the selected footage to the Render Queue panel and sets the Post-Render Action option to Set Proxy.
Create placeholders for outputYou can create placeholder files that can be used in different compositions. For example, you can create a placeholder for an item in the render queue that will create a 24-fps movie and then drag that placeholder into a 30-fps composition. Then, when you render the 30-fps composition, After Effects first renders the placeholder at 24 fps and uses this rendered version as it renders the 30-fps composition.
Drag the Output Module heading for a queued item
from the Render Queue panel to the Project panel. After Effects
creates a placeholder for output in the Project panel and sets the
Post-Render Action option for the item to Import & Replace Usage.
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