FFmpeg
Command-line toolkit for converting, encoding, and streaming video and audio
Free
Video Editor
Broadcast engineers and developers use it to transcode feeds, create proxies, and automate batch tasks. Many video apps use it behind the scenes. Recent versions can run Whisper-based transcription.
It runs from the command line, so there is a learning curve.
HandBrake offers a simpler interface for conversion. FFmpeg suits engineers who automate media workflows.