In Chapter 2, I explained how timecode works as it applies to a camcorder. Although it operates the same in iMovie, you're going to run into slightly different versions of it in various places while editing.
Timecode in iMovie
At the Playhead. The Playhead's timecode always shows the time relative to the entire movie. So, for example, positioning the Playhead two seconds into a clip that appears in the middle of your movie displays something like "08:04" instead of "02:00" (Figure 8.1). The only exception is when you select a clip on the Shelf, which isn't yet part of your movie.
Figure 8.1. The Playhead timecode refers to time location within the context of the movie, even if only a single clip is selected.
In the Clip Viewer. In addition to showing timecode of individual clips, the Clip Viewer and Timeline Viewer display the movie's total length. The Thumbnail Playhead, a red inverted T, indicates where the Playhead appears (Figure 8.2).
Figure 8.2. A Thumbnail Playhead appears in the Clip Viewer, but without a timecode indicator. (Note that I've turned off short timecode display in this example, so you can see the full timecode; see the tip at left.)
In the Timeline Viewer. Although the Playhead in the scrubber bar shows a timecode, you often need to refer to the Timeline Viewer (and its Playhead) when editing. Individual clips include a timecode indicating their length, as space permits (Figure 8.3).
Figure 8.3. The Playhead in the Timeline Viewer includes its own timecode indicator, which is based on the movie's total time.
Tips
By default, iMovie displays short timecode, displaying only seconds:frames (such as "02:07") instead of minutes:seconds:frames ("00:02:07"). To switch between short and long timecode display, go to iMovie's preferences and toggle the checkbox marked Use Short Time Codes.
See Chapter 2's sidebar "iMovie Timecode versus Real-World Timecode" for a timecode refresher.