MovieTextures in Unity are decoded in software. This is why movies need to be in Ogg Theora. Since the purpose of MovieTextures is to allow animation of textures, the movie file is decoded frame by frame and uploaded to the GPU. This is completely different from how modern GPUs perform movie playback. Although your GPU can decode an H.264 and display fullscreen at 30 or 60fps, software playback is not the same.
On iOS movies are played back fullscreen and use the Apple decoder.
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