Bit Depth is the number of bits used to represent each color on a TV screen.
Higher bit depth allows more shades of color and smoother gradients, reducing issues like banding.
For example, 8-bit panels can show about 16 million colors, while 10-bit panels used in HDR can display over 1 billion colors.
See also: HDR, Banding, Color Calibration, Gamma, Display Panel