Abstract: Succinct representation of complex signals using coordinate-based neural representations (CNRs) has seen great progress, and several recent efforts focus on extending them for handling videos. Here, the main challenge is how to (a) alleviate a compute-inefficiency in training CNRs to (b) achieve high-quality video encoding while (c) maintaining the parameter-efficiency. To meet all requirements (a), (b), and (c) simultaneously, we propose neural video representations with learnable positional features (NVP), a novel CNR by introducing "learnable positional features" that effectively amortize a video as latent codes. Specifically, we first present a CNR architecture based on designing 2D latent keyframes to learn the common video contents across each spatio-temporal axis, which dramatically improves all of those three requirements. Then, we propose to utilize existing powerful image and video codecs as a compute-/memory-efficient compression procedure of latent codes. We demonstrate the superiority of NVP on the popular UVG benchmark; compared with prior arts, NVP not only trains 2 times faster (less than 5 minutes) but also exceeds their encoding quality as 34.07$\rightarrow$34.57 (measured with the PSNR metric), even using $>$8 times fewer parameters. We also show intriguing properties of NVP, e.g., video inpainting, video frame interpolation, etc.