Weird PNG transparency issue

Windows 10

Latest version, 64bit

If I place a mostly transparent text png in vid channel 2, superimposed on a video on vidchannel1, it’s fine, I can see the text and the video.

If however I place a vid in channel 3 and a png on vid channel 4, for some reason the transparency is gone and all I see is the text over a black background.

What’s going on?

Can you post a screenshot? I’ve found by trial and error that if I place a transparent .png over a video file with nothing below it, I can weird banding/pixelating issues. There needs to be something below it, even if it’s just a plain black color.

Can’t duplicate the issue.