After that you'll see the Stabilize option just below the video on the left side. This is a nifty little feature that comes in handy if one wants to check the output in comparison with the original video footage.
Google Photos has been winning fans the last few months by introducing new features like gif editing. Tap on it to commence video processing.
Google Photos has finally added video stabilization in v2.13 after announcing that it would be coming to the app but not giving users a date to work with. Tapping on the pencil icon will give you the option to "Stabilise" the video or rotate it. Tapping on "Stabilise" will start the process and it will take a couple of seconds before the video is stabilised. Once the process is complete, the Stabilize button says Stabilized and turns blue. In 2015, Google had segregated the cloud storage solution for photos out of Google+ into the presently available Photos app. This is further evidenced in a Google Photos album uploaded and shared by Daniel Stone in which there are several videos that compared before and after video stabilization. With the update 2.13, Google has made the feature active for all.
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However, there is a downside to having your videos go through stabilization processing. In most of the videos, the outcome shows no warp effect but in some videos, you might notice a slight warping effect.
Anyway, it will be interesting to see what Google has up its sleeves that once again ties Google Photos to its forgotten social network Google+.