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Time lapse photography is a cinematography technique whereby each film frame is captured at a rate (1 picture every second in this case) much slower than it will be played back (15 frames per second). When replayed at normal speed, time appears to be moving faster and thus lapsing. Time-lapse photography can be considered to be the opposite of high speed photography.
Processes that would normally appear subtle to the human eye, such as motion in the sky-clouds, become very pronounced. Time lapse is the extreme version of the cinematography technique of undercranking, and can be considered as a form of stop motion animation.