If you are familiar with previous versions of Pinnacle Studio you will notice that the Speed option is not available by right clicking context menu like in previous versions of Pinnacle Studio.
In Pinnacle Studio 21, you can access the speed effect by going to Editor -> Time Remapping
See the video tutorial below that explains more about the Time Remapping feature.
https://www.youtube.com/watch?v=N0L5zRQAiY8
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