diff --git a/libobs/data/default.effect b/libobs/data/default.effect
index db4cfe2ae..d5785469a 100644
--- a/libobs/data/default.effect
+++ b/libobs/data/default.effect
@@ -1,5 +1,6 @@
 uniform float4x4 ViewProj;
 uniform texture2d image;
+uniform float multiplier;
 
 sampler_state def_sampler {
 	Filter   = Linear;
@@ -69,6 +70,48 @@ float4 PSDrawSrgbDecompress(VertInOut vert_in) : TARGET
 	return rgba;
 }
 
+float4 PSDrawMultiply(VertInOut vert_in) : TARGET
+{
+	float4 rgba = image.Sample(def_sampler, vert_in.uv);
+	rgba.rgb *= multiplier;
+	return rgba;
+}
+
+float3 rec709_to_rec2020(float3 v)
+{
+	float r = dot(v, float3(0.6274040f, 0.3292820f, 0.0433136f));
+	float g = dot(v, float3(0.0690970f, 0.9195400f, 0.0113612f));
+	float b = dot(v, float3(0.0163916f, 0.0880132f, 0.8955950f));
+	return float3(r, g, b);
+}
+
+float3 rec2020_to_rec709(float3 v)
+{
+	float r = dot(v, float3(1.6604910, -0.5876411, -0.0728499));
+	float g = dot(v, float3(-0.1245505, 1.1328999, -0.0083494));
+	float b = dot(v, float3(-0.0181508, -0.1005789, 1.1187297));
+	return float3(r, g, b);
+}
+
+float reinhard_channel(float x)
+{
+	return x / (x + 1.0);
+}
+
+float3 reinhard(float3 rgb)
+{
+	return float3(reinhard_channel(rgb.r), reinhard_channel(rgb.g), reinhard_channel(rgb.b));
+}
+
+float4 PSDrawTonemap(VertInOut vert_in) : TARGET
+{
+	float4 rgba = image.Sample(def_sampler, vert_in.uv);
+	rgba.rgb = rec709_to_rec2020(rgba.rgb);
+	rgba.rgb = reinhard(rgba.rgb);
+	rgba.rgb = rec2020_to_rec709(rgba.rgb);
+	return rgba;
+}
+
 technique Draw
 {
 	pass
@@ -104,3 +147,21 @@ technique DrawSrgbDecompress
 		pixel_shader  = PSDrawSrgbDecompress(vert_in);
 	}
 }
+
+technique DrawMultiply
+{
+	pass
+	{
+		vertex_shader = VSDefault(vert_in);
+		pixel_shader  = PSDrawMultiply(vert_in);
+	}
+}
+
+technique DrawTonemap
+{
+	pass
+	{
+		vertex_shader = VSDefault(vert_in);
+		pixel_shader  = PSDrawTonemap(vert_in);
+	}
+}
diff --git a/libobs/obs-internal.h b/libobs/obs-internal.h
index 63dfb189b..356f69798 100644
--- a/libobs/obs-internal.h
+++ b/libobs/obs-internal.h
@@ -256,6 +256,7 @@ struct obs_core_video {
 #endif
 	gs_texture_t *render_texture;
 	gs_texture_t *output_texture;
+	enum gs_color_space render_space;
 	bool texture_rendered;
 	bool textures_copied[NUM_TEXTURES];
 	bool texture_converted;
diff --git a/libobs/obs-video.c b/libobs/obs-video.c
index a966ed0d5..3b5343d72 100644
--- a/libobs/obs-video.c
+++ b/libobs/obs-video.c
@@ -133,7 +133,8 @@ static inline void render_main_texture(struct obs_core_video *video)
 	struct vec4 clear_color;
 	vec4_set(&clear_color, 0.0f, 0.0f, 0.0f, 0.0f);
 
-	gs_set_render_target(video->render_texture, NULL);
+	gs_set_render_target_with_color_space(video->render_texture, NULL,
+					      video->render_space);
 	gs_clear(GS_CLEAR_COLOR, &clear_color, 1.0f, 0);
 
 	set_render_size(video->base_width, video->base_height);
diff --git a/libobs/obs.c b/libobs/obs.c
index 4ad3964fc..fd4efbd23 100644
--- a/libobs/obs.c
+++ b/libobs/obs.c
@@ -268,19 +268,24 @@ static bool obs_init_textures(struct obs_video_info *ovi)
 		}
 	}
 
+	enum gs_color_format format = GS_RGBA;
+	enum gs_color_space space = GS_CS_SRGB;
+
 	video->render_texture = gs_texture_create(ovi->base_width,
-						  ovi->base_height, GS_RGBA, 1,
+						  ovi->base_height, format, 1,
 						  NULL, GS_RENDER_TARGET);
 	if (!video->render_texture)
 		success = false;
 
 	video->output_texture = gs_texture_create(ovi->output_width,
-						  ovi->output_height, GS_RGBA,
-						  1, NULL, GS_RENDER_TARGET);
+						  ovi->output_height, format, 1,
+						  NULL, GS_RENDER_TARGET);
 	if (!video->output_texture)
 		success = false;
 
-	if (!success) {
+	if (success) {
+		video->render_space = space;
+	} else {
 		for (size_t i = 0; i < NUM_TEXTURES; i++) {
 			for (size_t c = 0; c < NUM_CHANNELS; c++) {
 				if (video->copy_surfaces[i][c]) {
@@ -1807,18 +1812,37 @@ static void obs_render_main_texture_internal(enum gs_blend_type src_c,
 	if (!video->texture_rendered)
 		return;
 
+	const enum gs_color_space source_space = video->render_space;
+	const enum gs_color_space current_space = gs_get_color_space();
+	const char *tech_name = "Draw";
+	float multiplier = 1.0f;
+	if ((current_space == GS_CS_SRGB) &&
+	    (source_space == GS_CS_709_EXTENDED)) {
+		tech_name = "DrawTonemap";
+	} else if (current_space == GS_CS_709_SCRGB) {
+		tech_name = "DrawMultiply";
+		multiplier = obs_get_video_sdr_white_level() / 80.0f;
+	}
+
+	const bool previous = gs_framebuffer_srgb_enabled();
+	gs_enable_framebuffer_srgb(true);
+
 	tex = video->render_texture;
 	effect = obs_get_base_effect(OBS_EFFECT_DEFAULT);
 	param = gs_effect_get_param_by_name(effect, "image");
-	gs_effect_set_texture(param, tex);
+	gs_effect_set_texture_srgb(param, tex);
+	param = gs_effect_get_param_by_name(effect, "multiplier");
+	gs_effect_set_float(param, multiplier);
 
 	gs_blend_state_push();
 	gs_blend_function_separate(src_c, dest_c, src_a, dest_a);
 
-	while (gs_effect_loop(effect, "Draw"))
+	while (gs_effect_loop(effect, tech_name))
 		gs_draw_sprite(tex, 0, 0, 0);
 
 	gs_blend_state_pop();
+
+	gs_enable_framebuffer_srgb(previous);
 }
 
 void obs_render_main_texture(void)