An electronic device, comprising: communication circuitry configured to communicate with an external electronic device; a processor operatively connected with the communication circuitry; and a memory operatively connected with the processor, wherein the memory is configured to store instructions which, when executed, cause the processor to control the electronic device to: obtain environment information associated with a video playback environment of the external electronic device; if the communication with the external electronic device does not support transmission of a high dynamic range, HDR, video: decode the HDR video; perform color conversion of the decoded HDR video based on the environment information; encode the color-converted video into a standard dynamic range, SDR, format; and transmit the encoded video to the external electronic device via the communication circuitry; if the communication with the external electronic device does support transmission of the HDR video: request the HDR video from an HDR video providing device via the communication circuitry based on the environment information; receive the HDR video from the HDR video providing device; re-packetize the received HDR video; and transmit the re-packetized HDR video to the external electronic device via the communication circuitry. communication circuitry configured to communicate with an external electronic device; a processor operatively connected with the communication circuitry; and a memory operatively connected with the processor, wherein the memory is configured to store instructions which, when executed, cause the processor to control the electronic device to: obtain environment information associated with a video playback environment of the external electronic device; if the communication with the external electronic device does not support transmission of a high dynamic range, HDR, video: decode the HDR video; perform color conversion of the decoded HDR video based on the environment information; encode the color-converted video into a standard dynamic range, SDR, format; and transmit the encoded video to the external electronic device via the communication circuitry; if the communication with the external electronic device does support transmission of the HDR video: request the HDR video from an HDR video providing device via the communication circuitry based on the environment information; receive the HDR video from the HDR video providing device; re-packetize the received HDR video; and transmit the re-packetized HDR video to the external electronic device via the communication circuitry. obtain environment information associated with a video playback environment of the external electronic device; if the communication with the external electronic device does not support transmission of a high dynamic range, HDR, video: decode the HDR video; perform color conversion of the decoded HDR video based on the environment information; encode the color-converted video into a standard dynamic range, SDR, format; and transmit the encoded video to the external electronic device via the communication circuitry; decode the HDR video; perform color conversion of the decoded HDR video based on the environment information; encode the color-converted video into a standard dynamic range, SDR, format; and transmit the encoded video to the external electronic device via the communication circuitry; if the communication with the external electronic device does support transmission of the HDR video: request the HDR video from an HDR video providing device via the communication circuitry based on the environment information; receive the HDR video from the HDR video providing device; re-packetize the received HDR video; and transmit the re-packetized HDR video to the external electronic device via the communication circuitry. request the HDR video from an HDR video providing device via the communication circuitry based on the environment information; receive the HDR video from the HDR video providing device; re-packetize the received HDR video; and transmit the re-packetized HDR video to the external electronic device via the communication circuitry.