This is the best option when a project is complete and you are prepping it for archiving.
This gathers all the files in the selected sequences and copies, not moves, them to a single new location.
Collect Files and Copy to New Location. With my project file open in Premiere Pro CC, choose File > Project Manager. This stunning romantic horror space western is gonna win awards in the future, so I want to preserve it. Let me illustrate, using my latest project – Totally Spaced – as an example. This can speed playback, decrease export times and assure that all our clips meet the same technical specs. Transcoding allows us to take all the different video formats that we expect to use, or are currently using in a project, and convert them all to the same format. (Though you can do that after consolidation, if you wish.) No data compressing or file zipping is involved. These archives are stored in a folder that you select, in standard media and Premiere formats. Project consolidation is the easiest way to gather all our project assets into one location for archiving or long-term storage. This is because it simplifies our ability to archive projects, or allows us to optimize existing projects for better playback. 
It hasn’t drawn the attention of the new Morph Cut, or the new Lumetri Looks, but the recent addition of project consolidation and transcoding to Premiere Pro CC is a big deal.
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