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It depends on your needs. We'll go over the key differences.
iPhone, iPad, iPod Touch, Mac running Apple M1 chip or later
iPad running A12 Bionic chip or later (iPad Pro M1 or later recommended, as earlier iPad models may be restricted)
iOS/iPadOS 15.4 or later, MacOS 12.3 or later
iPadOS 16.0 or later
Storyblocks - $9.99/mo, 69.99/yr
$94.99 to upgrade to DaVinci Resolve Studio
You should use LumaFusion if…
1. You want to get editing fast
One of the great things about LumaFusion is that it's super easy to use. Designed for the ground up for the iPad and iPhone, it makes high-end video editing accessible to those with little or no prior experience. While my main video editor on the Mac is Adobe Premiere Pro, I do use DaVinci Resolve Studio a lot, but I spend a lot of time researching how to do things in it.
2. You don't already use DaVinci Resolve
If you're not bringing with you a whole bunch of DaVinci Resolve experience, then LumaFusion is the best choice.
3. You want a low-cost option
At $29.99, LumaFusion offers lots of features for a price that's hard to beat.
4. You want a solution that will work other devices
LumaFusion will work not only on your iPad, but also on your iPhone and Mac (and you only need to buy one copy as long as the devices all share the same App Store account), whereas DaVinci Resolve will only run on the iPad. (A separate version of DaVinci Resolve is available for Mac and Windows, but if you want the Studio upgrade, you will need a separate license for iPad and Mac or Windows.)
1. You already use DaVinci Resolve on your desktop or laptop
This is a no-brainer. No point relearning a new application, especially if you plan to make serious use of the app on your iPad.
2. You've got a new M2 iPad Pro
DaVinci Resolve is a total powerhouse on the new M2 iPad Pro. It's just like being in front of DaVinci Resolve on a desktop system. And if you have an Apple Pencil and a keyboard, then you've got everything you need.
When I installed this app, I expected to be bombarded with prompts begging me to pay the $95 for the Studio upgrade. That didn't happen -- you only get prompted to upgrade if you try to use a premium feature. All the basic tools you need to edit video are available at no cost.
4. You want to get serious about video editing
DaVinci Resolve is a serious tool, and it gets even more serious if you upgrade to the Studio version. If you want to learn how the pros edit video, then this is the path to take. Just be aware that there's a lot to learn about using the app at that level.