From ConTeXt wiki
Which image file formats ConTeXt can process, depends on the TeX program:
|LuaTeX (Mk IV)||—||+||+||—||+||+ (incl. 2000)||QT, Flash||SVG|
|pdfTeX (Mk II)||—||+||+||—||+||+||QT|
|XeTeX (Mk II)||—||+||+||—||+||+||QT||BMP|
- Generally leave out the file extension in your TeX code!
- TIFF: pdf(e)TeX canceled processing TIFF format from v. 1.0, since there are too much variants to support them all.
- QT (QuickTime, MOV) works probably only with Adobe Reader, usable formats/codecs depend on the operating system. QT was formerly listed here also for dvips(one), that couldn't be true...
- Flash (SWG) works only with Adobe Reader since version 9, even raw ActionScript code is possible (presentation by Luigi Scarso in Brejlov 2010); see also (links at) Animation.
- SVG support in LuaTeX is via preprocessing and limited. See SVG for a workaround to use SVG with Mk II.
- XeTeX means "via xdvipdfmx"; the older xdv2pdf supported additionally MAC, PICT, PSD, SGI, TIFF and GIF, but that doesn't work with ConTeXt (if at all).
- dvips and dvipsone aren't used any more with ConTeXt.