I ran into the same problem. I’ve got a 2 minute video footage of food being prepared, but my client wants to see it in time lapse.
That’s my workaround that yielded very good results, even if a bit time consuming.
1. I exported the video as a *.tga image sequence. Jpeg would also do, but didn’t want to loose too much quality.
2. Next is happening in the mac finder. In the folder with all the images, I selected icon view and arranged all the images so that I would have 12 images in a row. Then manually selected all the columns except the first one and deleted. This way I was left with the IMG_0001; IMG_0012; IMG_0023; IMG_0034….. That’s my timelapse image sequence.:)
3. Premiere pro wouldn’t import them as a sequence though, cause they’re not sequentially numbered. That’s where after effects import command came in helpful, it allows you to force alphabetical order, which was what I needed to play the new image sequence properly.
Then exported the image sequence from after effects again. This way I could import the timelapse into premiere pro!
*A simple file renaming program would be much more efficient here, but just didn’t have time to look for one on the web.
All the process of converting a 2min vid(HDSLR, fullHD) to a 10sec timelapse took me about 10min, including the rendering times.Hopefully this helps if you need a quick workaround.