SR2 is a proprietary format used by Sony cameras to capture RAW images. Other similar formats used by Sony are ARW and SRF. Shooting in RAW mode is very appealing for professional photographers because it allows them to control to a larger extent how the image will look like. With compressed formats such as JPG, the camera uses a series of pre-defined settings in order to bring the image to a reasonably small format, but in the case of RAW images the camera captures as much as its sensors allow and the photographer can correct unwanted aspects during digital post-processing.
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