Although you did say 'generally' Eric, there never really has been a 'standard theatre format', since Academy ratio" of 1.37:1 which was used for all cinema films until 1953.
Common practice to crop 1.85 on DVD maybe, (difficult to find that sort of data with these choices often being made by the individual duplication companies that the distributors hire, and these are many), but the difference really is tiny in this case. Anything wider than 4:3 is pretty forgiving in the horizontal in terms of composition, especially as most camera movements are horizontal, my opinion is that there is not a significant aesthetic difference from 1.85 (16.65:9) to 16:9 a horizontal difference of less than 4%. Not only that but we have been watching cropped formats in multiplicity forever. What about Disney's favourite format for more than a decade,15:9 which is also the native Super 16 mm frame ratio ('Leaving Las Vegas'). These sorts of formats have always been tugged and sliced to fit various other end use formats.
Thirdly although 16:9 as a common sensor size for high def high bit rate video cameras originates because of the High definition Television standard, an increasing number of theatrical release films are shot on this format, and more and more frequently shown with digital projectors that don't have the film projectors limitation of celluloid print stock size.
What were really talking about is IAR "Intended Aspect Ratio' which what the creative team initially intended for the photography, but point being that is often changed at some later stage. This is a huge area of knowledge, based in different technologies and esoteric industry practices. What interests me and the reason I came to this thread is the psychological impacts of different compositional elements (frame format is a major one), and decisions based on that from a shooting perspective. For instance do dramas need more headspace than action movies?
About the 4:3 post, I think a big factor is the 'postage stamp effect' or 'window boxing' which means using a 4:3 framing inside a 16:9 or wider image area. Much more noticeable than in a 4:3 frame especially when used with wider images. It looks squarer and can 'say' home movie, old tv show etc depending on the footage and context.
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