I asked the above question because of this postOn a TV, color is determined by its "Color Gamut" + "Color Depth" + "Dynamic Range".
A TV's Color Depth determines the total/maximum amount of colors that it can display.
A "Full-Range" 8-bit RGB signal (0-255) refers to the number of color variations (256) that are available in each of the Red, Green, and Blue channels (for a total of 16.78 million possible colors/shades - ranging from Blacker-than-Black to Whiter-than-White).
For a "Limited-Range" 8-bit RGB signal (16-235), a total 10.65 million colors/shades will be available. Note: The human eye can discriminate up to ten million distinct colors.
A 10-bit RGB signal (i.e. Deep Color) has a Full-Range color depth of 0-1023 (1,024 color variations available in each of the Red, Green, and Blue channels for a total of 1.07 billion possible colors/shades).
For a "Limited-Range" 10-bit RGB signal (64-940), a total 674.53 million colors/shades will be available.
Rec.2020 (also known as BT.2020):
Even though it is usually only referenced when talking about Color Space, and compared to the old Rec.709 and DCI P3 color spaces, it actually specifies and defines more than just the Color Space.
Recommendation ITU-R BT.2020-2, which dates back to August 23, 2012 and was revised in October 2015, defines, in addition to color space, various other aspects of Ultra HD TV such as display resolution, frame rate, chroma sub-sampling, and bit depth.
DCI (Digital Cinema Initiative) P3 is the Color Space currently used by the film industry for Digital Cinema.